CANBERRA - Australia's consumer watchdog is keeping a close eye on soaring petrol prices but has no evidence to suggest the oil industry is ripping off customers.
Motoring groups have organised a petrol summit amid fears that oil companies are profiteering as fuel prices race towards A$1.50 a litre.
But
Prime Minister John Howard believes the meeting, to examine the reasons for the high prices, is nothing more than a waste of time because it would achieve nothing.
Mr Howard, in the United States for a summit on global poverty, said it was international events and nothing domestic that was forcing motorists to pay high prices for petrol.
The Australian Competition and Consumer Commission (ACCC) agrees with Mr Howard on the reasons for the spiralling petrol price.
It is closely monitoring developments in petrol prices both in Australia and overseas but so far has found nothing sneaky.
"Recently there have been significant increases both in the level of petrol prices in Australia and also in the difference between petrol prices and crude oil prices," the watchdog said.
"This phenomenon is occurring not only in Australia but also internationally.
"It is primarily a result of a shortage in the supply of refined product in the US Gulf following Hurricane Katrina and the Chinese government's recent decision to take steps to halt the export of petrol because of an acute shortage of fuel in several of China's provinces."
The ACCC said it had no evidence that increases in current domestic petrol prices were related to anti-competitive conduct.
"If evidence of such conduct is discovered the ACCC will immediately investigate," it said.
- AAP
