REPLACEMENT EXPLANATORY STATEMENT

Issued by authority of the Assistant Minister for Productivity, Competition, Charities and Treasury

Competition and Consumer Act 2010

Competition and Consumer (Price Monitoring—Petroleum Fuels) Amendment Direction 2026

Subsection 95ZE(1) of the Competition and Consumer Act 2010 (the Act) provides that the Minister may give the Australian Competition and Consumer Commission (ACCC) a written direction to monitor prices, costs and profits relating to the supply of goods or services by persons in an industry, and to give the Minister reports on the monitoring. Subsection 95ZH(1) of the Act provides that the Minister may also give the ACCC a written direction to give special consideration to matters in exercising the ACCC’s powers and performing the ACCC’s functions under Part VIIA of the Act.

The purpose of the Competition and Consumer (Price Monitoring—Petroleum Fuels) Amendment Direction 2026 (the Direction) is to amend the Competition and Consumer (Price Monitoring—Petroleum Fuels) Direction 2025 (the Principal Direction) to:

•                 clarify and expand the object of the Principal Direction to emphasise the promotion of transparency in the market for petroleum products in Australia, particularly during periods of significant disruption; and

•                 provide for additional targeted price monitoring and reporting by the ACCC during a specified period, including more frequent reporting to the Treasurer and a focus on unusual or discrepant price movements across capital cities and other areas.

The Direction responds to heightened volatility and disruption in petroleum fuel markets and is intended to enhance transparency and oversight during the specified period ending on 30 September 2026. This date could be extended in the future if required.

These amendments are directed to ensuring that the Treasurer receives timely and specific information on fuel price movements in circumstances where market conditions may result in significant impacts on consumers and businesses.

The Direction has been developed in consultation with the ACCC.

The Direction is a legislative instrument for the purposes of the Legislation Act 2003.

In accordance with item 2 of the table in section 9 of the Legislation (Exemptions and Other Matters) Regulation 2015, the instrument is not disallowable, as it is a direction by a Minister to a person or body. It is appropriate that this instrument is not disallowable as it is a ministerial direction, and therefore executive control is intended.

In accordance with item 3 of the table in section 11 of the Legislation (Exemptions and Other Matters) Regulation 2015, the instrument and the Principal Direction are exempt from sunsetting, as they are directions by a Minister to a person or body. However, this instrument in subject to automatic repeal. As an amending instrument whose only legal effect is to amend another legislative instrument and which does not include application, saving or transitional provisions, the instrument is subject to automatic repeal under section 48A of the Legislation Act 2003.

The repeal of this instrument under section 48A does not affect the continuing operation of the amendments made by the instrument, and the Principal Direction continues in force as amended. The Principal Direction is intended to remain in place until the price monitoring is completed or unless and until revoked by the Treasurer, and therefore it is appropriate that it does not sunset.

Details of the Direction are set out in Attachment A.

ATTACHMENT A

Details of the Competition and Consumer (Price Monitoring—Petroleum Fuels)  Amendment Direction 2026

Section 1 – Name

This section provides that the name of the direction is the Competition and Consumer (Price Monitoring—Petroleum Fuels) Amendment Direction 2026 (the Direction).

Section 2 – Commencement

The Direction commenced on the day after the instrument was registered on the Federal Register of Legislation.

Section 3 – Authority

The Direction is made under the Competition and Consumer Act 2010 (the Act).

Section 4 – Schedule

This section provides that each instrument that is specified in the Schedules to this instrument are amended or repealed as set out in the applicable items in the Schedules, and any other item in the Schedules to this instrument has effect according to its terms.

Schedule 1 – Amendments

Item 1 – Amendment to section 6 (Object)

This item amends the object of the Principal Direction to expressly include the promotion of transparency in the market for petroleum products in Australia, particularly during periods of significant disruption.

This clarifies the rationale underpinning the monitoring and reflects the importance of market transparency during periods of volatility or disruption affecting petroleum fuel supply and pricing.

Item 2 – Insertion of special reporting requirements in section 7

This item inserts new subsections 7(1A) and 7(1B) into the Principal Direction.

New subsection 7(1A) directs the ACCC, under subsection 95ZE(1) of the Act, during the period specified in subsection 7(1B), to:

• monitor prices, costs and profits in relation to the supply of petroleum fuels and related services across capital cities as well as other areas, including any unusual or discrepant movements of prices arising from current market conditions; and
• provide reports to the Treasurer on the monitoring at least each week.

New subsection 7(1B) limits the operation of these additional monitoring and reporting requirements to the period commencing on the commencement of the Direction and ending on 30 September 2026.

These amendments are intended to ensure enhanced scrutiny and more frequent reporting during the current period of heightened risk of price volatility. The amendments direct the ACCC to consider the impact on capital cities as well as other areas, reflecting that the volatility may impact regional and remote areas in different ways compared to the capital cities.

Item 3 – Amendment to subsection 7(2)

This item makes a consequential amendment to subsection 7(2) to ensure that exclusions applying to the ACCC’s monitoring powers apply to the whole of section 7, including the newly inserted subsections.

Item 4 – Amendment to paragraph 8(a)

This item makes a consequential amendment to paragraph 8(a) of the Principal Direction to update cross‑references so that they reflect the amended structure of sections 6 and 7.