00:02So far, we haven't seen any sharp increases in petrol prices. Looking around Brisbane
00:08today, we're seeing most sites still priced at $1.99. There are a few that have jumped
00:14up to about $2.03 to $2.04 per litre. And this is a situation we expect to see in
00:20most
00:21of our capital cities.
00:22Now, we know that the Treasurer has written to the consumer watchdog, the ACCC, asking
00:27for extra scrutiny at these prices we're seeing at the Bowser. When we had the cut, though,
00:32that flowed through pretty quickly. So can you explain what should happen here?
00:37So as you said, look, excise is charged at the wholesale level. So the fuel in the ground
00:42this morning, fuel that was delivered potentially last week, will still be charged at the old
00:48rate of excise. So that was $0.36 per litre. Over the next week to 10 days, we will see
00:55that new fuel flow into our retail network. And we will see, you know, a slow but steady
01:02increase in retail prices.
01:04So that warning or threat from the Treasurer, how seriously will fuel suppliers take this,
01:09do you think?
01:10Look, I think they are, yeah, certainly they will take any comments by the Treasurer very
01:14seriously. You know, this is the second time we've had that increase in the fuel excise.
01:20When we go back to early July, when they increased excise by $0.16, we didn't see a sharp jump
01:29up
01:29in the petrol price. We did see prices slowly increase over the course of, you know, like
01:34the week to 10 days. From what we can see at the moment, certainly fuel companies have heeded
01:41that warning and are only very modestly increasing prices.
01:45And do we know what sort of trigger would see the ACCC step in?
01:50Look, I think if there are prices that are unduly high, prices over and above what we would
01:59expect given the increase in the wholesale price, I think that would be the trigger for
02:03the ACCC to step in. Going back to March, we did see some fuel companies hike their prices
02:11early and we did refer that to the ACCC and certainly RACQ and the other auto clubs. And
02:17I'm sure the ACCC will be closely monitoring prices at this time.
02:21Where are we now at with supply? What's the latest update on that?
02:25So supply is strong. Some of the measures that have been taken have bolstered supply. So there
02:30is plenty of fuel in the Australian market. So supply isn't a problem at this time. Look,
02:38we will see pricing is on the way up. The excise is only one element of pricing. We have also
02:47seen
02:47an increase in the price of oil over the last week. So that will also put up with pressure on
02:54prices.
02:55And what are the predictions moving forward then? Because as we know, this war is ongoing.
02:59Yeah. Look, I think in the next few weeks, unleaded should max out at about $2.20 a litre.
03:09Certainly, there's no reason why it would be anywhere higher than $2.20 a litre. Diesel,
03:15unfortunately, is significantly more expensive and diesel prices could reach up into the $2.60 price
03:22range. Are there any additional measures that could be put in place to take away the sting of
03:28these prices if they get quite high? Look, I think at the moment, prices are on the increase. They
03:36are certainly quite a bit lower than we saw back in the beginning of April and early March when
03:42unleaded hit $2.60 a litre. Diesel picked at about $3.30 a litre. Certainly, there are other cost of
03:50living measures and the federal government could consider and we would leave that to them to
03:56consider. In terms of what we can do individually, there is cheaper fuel in the market at the moment
04:05and we would expect cheaper fuel to be retained for the next week or so. So it is important for
04:11all of us to get onto the price comparison apps, look at the different sites and give our business
04:16to those retailers that are keeping a lower price for longer.
04:21because of the expensive prices, there are some cases.
04:22There are no costs OFF of the price, but no but not anymore.
04:24You can go on the price, but also if you are an lowering price, you can get on the price,
04:24you can get on the price, you can get back in the price and pay off the price.
04:24You can get on the price, no but to be a good price, no but to be a good price.
04:24But, I mean, a lot of US, a lot of US, it is good for $2.60 a bit more
04:25than $3.50 a cut too.
04:25And I think, I mean, it's a bit only $3.30 a bit more than that, we won't live on
04:25the price while.
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