MELBOURNE - Oil company bosses and petrol retailers found guilty of price fixing and collusion could face criminal convictions and jail sentences under new Australian reforms.
The reforms are contained in amendments to the Trade Practices Act and would also cover food, clothing and a range of consumergoods.
They are aimed at keeping fuel prices low and restrict anti-competitive behaviour.
Assistant Treasurer and Minister for Competition Policy and Consumer Affairs Chris Bowen said the aim is to ensure a competitive economy.
"We regard cartel and colluding behaviour very seriously and will be introducing prison terms for people who do it.
If it's a serious offence then we'll be giving the courts power to send people to prison."
Since 2004, Australian Competition and Consumer Commission chairman Graeme Samuel has suggested jail sentences for serious collusion and cartel-related offences.
Under the reforms, serious breaches of the act could lead to jail terms of up to five years and hefty financial penalties. The new legislation, based on a draft prepared under the Howard government in 2005, will go before Parliament by the middle of next year.
