ACCC to investigate fuel price sharing

The Australian Competition and Consumer Commission has announced that it will conduct a formal investigation into price information sharing arrangements in the retail petrol industry.The ACCC has expressed concern that fuel price sharing arrangements between fuel retailers lessens price competition in petrol retailing to the detriment of consumers.According to the ACCC, the competition provisions of the Competition and Consumer Act prohibit contracts, arrangements or understandings that have the purpose, effect or likely effect of substantially lessening competition.Shadow Competition Policy and Consumer Affairs Minister Bruce Billson said the announcement was welcome news but expressed doubt that any investigations would result in a positive result for consumers.“There have been numerous investigations into petrol pricing yet the problems remain the same,” Mr Billson said today.The ACCC anticipates that the investigation will take some time.