Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

Petrol prices certainly have gone up, Senator Abetz. I just mentioned what the petrol price is in my local community on the north-west coast of Tasmania. Of course this government is concerned about this trend. It is particularly important coming up to the Easter period and the public holiday commencing on Friday, because the ACCC is closely monitoring petrol prices over Easter. The ACCC—and this goes specifically to the issue of price movements which I have been asked about—monitors movements in domestic retail petrol prices compared with movements in international prices, as reflected in the stock price of Singapore Mogas 95 Unleaded, and it assesses the difference between these two price series over time. The methodology used by the ACCC was outlined in the ACCC’s report of the inquiry into petrol prices in Australia, which was released in December 2007. Thank you for the question.