Explanatory Statement
Issued by the Authority of the Minister for Small Business
Competition and Consumer Act 2010
Minister for Small Businessto the Australian Competition and Consumer Commission
MONITORING OF THE PRICES, COSTS AND PROFITS RELATING TO THE SUPPLY OF UNLEADED PETROLEUM PRODUCTS IN THE PETROLEUM INDUSTRY IN AUSTRALIA
Section 95ZE of the Competition and Consumer Act 2010 (the Act) provides that the Minister may give written directions to the Australian Competition and Consumer Commission (ACCC) to monitor prices, costs and profits relating to the supply of goods or services by persons in a specified industry and to give the Minister reports on the monitoring.
This Direction gives effect to the Government’s decision that the ACCC monitor the prices, costs and profits relating to the supply of unleaded petroleum products in the petroleum industry in Australia for three years from 17 December 2014. The ACCC must also report to the Government on its monitoring activities at least quarterly from 17 December 2014. Reporting at least quarterly will allow the ACCC to focus on topics of particular interest to fuel consumers, in relation to prices, costs and profits, in a more timely and accessible format.
This Direction is a legislative instrument for the purposes of the Legislative Instruments Act 2003.
Public consultation was not necessary for this Direction in accordance with section 18 of the Legislative Instruments Act 2003. The Direction is of a minor or machinery nature and does not substantially alter existing arrangements.
This Direction commences the day after registration. The ACCC will commence monitoring the prices, costs and profits relating to the supply of unleaded petroleum products in the petroleum industry in Australia for three years from 17 December 2014.