Fuel industry chiefs could face criminal sanctions including jail if they are caught manipulating the market to force up petrol prices, reported The Daily Telegraph (7/8/2006, p.3).
NSW Govt talks tough: As a study shows the cost of running a family car in western Sydney is now topping $400 a week, the Iemma Government on 6 August called for a crackdown with harsh penalties.
PM Howard rules out fuel excise cut: It came as Prime Minister John Howard warned Australians the days of low petrol prices were gone forever and ruled out any fuel excise reduction.
PM speculates on oil price future: Howard expected prices would settle at 15 to 20 cents below current levels. "We hope that we’re not in an era of ever-rising petrol prices and perhaps somewhere in between, where that settles – $1.15, $1.20 – there’s some hope of that," he said.
Excise cut would kill $3bn Govt kitty: Howard said to make any difference to the retail cost of petrol, the Commonwealth would need to cut excise by 10c – equivalent to between $2.5 billion and $3 billion in revenue.
Fed Govt suggests cards for price manipulators: In a submission to the Senate inquiry into petrol prices, the Government recommended a football-style "yellow card" system to track offenders.
Sydney Westies bear brunt of price hike: New research shows families in Sydney’s west are among the hardest hit by fuel prices of $1.50 per litre. The Government’s weekly cost estimate of $400 includes fuel, depreciation, maintenance, insurance and tolls.
The Daily Telegraph, 7/8/2006, p. 3
Source: Erisk Net