Price Fixing

[gadj1976]

I've got no problem with Richard Pratt, Qantas, British Airways and the rest of them being pinged for price fixing, in fact I applaud it. But what the hell do they call the local BP who EVERY Tuesday has their prices set at a specific rate for petrol and then come weekend, hitch it up to ridiculous prices.

What I wanna know is what the ACCC actually do. Does anyone out there know what their powers include?

Also, how does a company get pinged by the Australian Securities Commission but yet the servo's get away with prices that may reach $1.50 per litre?

Anyone?

[Psyber]

I've got no problem with Richard Pratt, Qantas, British Airways and the rest of them being pinged for price fixing, in fact I applaud it. But what the hell do they call the local BP who EVERY Tuesday has their prices set at a specific rate for petrol and then come weekend, hitch it up to ridiculous prices.

What I wanna know is what the ACCC actually do. Does anyone out there know what their powers include?

Also, how does a company get pinged by the Australian Securities Commission but yet the servo's get away with prices that may reach $1.50 per litre?

Anyone?

There's a difference between knowing it and proving it - they have so many semi-plausible rationalisations, and of course the state governments take a percentage so they don't cooperate with the ACCC.

Then, too, the ACCC is underfunded for protracted and expensive court cases so they go for easy targets like single companies so there won't be multiple dependents and multiple barristers. Meanwhile four lawyers or accountants or doctors working in one office with shared staff can't agree to charge the same fees to keep it simple for the staff unless they are a properly incorporated partnership, because they are a soft target with less money for barristers than the ACCC.

[Hondo]

It's the proving that's the issue

I know from my line of work how hard it would be to get the necessary evidence out of the Oil Companies

Plus to what extent are the Oil Companies also victims of price fixing from the Countries that produce the Oil. I am sure there are fake 'shortages' that artificially raise the price of crude oil but to prove that the ACCC have to go into international jurisdictions and would have no legal powers at all I assume.

[gadj1976]

Guys, I agree, I just mean it's hypocritical that everyone else gets pinged and yet we have price fixing happening to every person in the world, right under our nose.

Yes, it's proving it that is the issue, however with oil prices the way they are, and barrel prices the way they are, surely the ACCC can be equipped with the power to do something. It's crazy that petrol prices will reach that price by Christmas. I believe it's one thing that undermined the Libs in the election - the fact that we can't afford to buy petrol, food and pay bills and mortgage on the national average income.

I just wonder when something will be done. If it gets to 2 bucks, will the Government step in? And then, what power will they have to do something?

[Hondo]

I have always thought that a solution is to force the Oil Companies to nominate 1 price that has to last all week

Problem is, they would err on the side of the highest option to be safe and we'd still be paying too much.

At least maybe limit the number of times in a week they are allowed to change their price I can't believe their input prices are fluctuating daily. Maybe they are????

[Psyber]

I have always thought that a solution is to force the Oil Companies to nominate 1 price that has to last all week

Problem is, they would err on the side of the highest option to be safe and we'd still be paying too much.

At least maybe limit the number of times in a week they are allowed to change their price I can't believe their input prices are fluctuating daily. Maybe they are????

I assumed their input prices were related to what they paid for each tanker load of crude oil and that the retail price could reasonably last with the load. New shipment up or down 5%, price up or down in proportion. Unless of course advertising prices are of more influence than the price of the raw material??

[spell_check]

There would be definitely some suspicion if petrol prices did not drop a bit soon - the oil price went down $10 a barrel in the last week.

[Dutchy]

if you cant beat them join 'em! I bought Oil Shares a few years ago and the rise of their price has outweighed the extra price as the bowser!