- Oil price falls, petrol price rises
- Experts say motorists are being gouged
- Fear prices will rise further
MOTORISTS are being ripped off by up to 20c a litre at the fuel bowser as petrol companies exploit the plunging oil price.
The Daily Telegraph today debunks the major oil companies' often-used excuse that the declining Australian dollar offsets any savings from the steep fall in crude.
Expert analysis reveals the cost of oil in Australian dollars has dropped more than 20 per cent since the start of September - yet petrol prices have risen more than 5 per cent.
University of NSW competition professor Frank Zumbo said petrol industry data showed motorists buying at the top of the retail cycle on Wednesdays were being gouged between 15c to 20c a litre extra."Retail and wholesale margins are historically higher than in the past, and retailers have been pocketing the fall in prices rather than passing savings on to motorists," Professor Zumbo said yesterday. "Motorists are being ripped off and the savings haven't been passed on as quickly as they should have been."
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Daily Telegraph 18 Oct 2008
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