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Prospect of rising petrol prices compounds the cost of living crunch on Australian families.



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Chris Bowen MP Shadow Assistant Treasurer Shadow Minister for Revenue & Competition Policy Federal Member for Prospect

13 September 2007

PROSPECT OF RISING PETROL PRICES COMPOUNDS THE COST OF LIVING CRUNCH ON AUSTRALIAN FAMILIES

Labor's Shadow Assistant Treasurer Chris Bowen has expressed his concern at reports that petrol prices were about to rise.

This follows a rise in the price of crude oil of 11% over the last month.

Bill Evans, the Global Head of Economics at Westpac, said this evening:

"...inevitably we'll start to see petrol prices edging up…" (Channel 7 - 4:30pm Seven Afternoon News)

This comes as the ACCC continues with its Petrol Prices Inquiry.

"This couldn't come at a worst time for Australian families", Mr Bowen said.

"Household budgets are already under strain following the August interest rate rise, so when you add rising petrol prices to the mix, the run home to Christmas is looking pretty bleak.

"In a climate of rising petrol prices, Australian motorists need to be assured they aren't paying one cent more than is necessary.

"Only Labor's plan for a national Petrol Prices Commissioner and ongoing formal petrol price monitoring will ensure that families get a fair deal on petrol prices."

The ACCC has expressed its concern at least twice this year that oil companies were not passing on reductions in the price of the Singapore benchmark for crude oil.

The current ACCC inquiry into petrol prices was only initiated by the Treasurer after months of pressure from Labor and motorist organisations.

Media Contact - James Cullen 0409 719 879