Oil Prices have continued to fall in recent weeks, yet the price of petrol has hardly moved from near $1.54 a litre in New South Wales, Australia. The Australian dollar has also tumbled, but even allowing for this the price of petrol should be considerably lower than it is.
Newspaper reports say that we may need to wait another 3 weeks before we see any worthwhile drop in petrol prices in Australia – yet how soon do we see the price of fuel rise when the oil price goes up. I think this would be what we term petrol price gouging.
Australians should be paying closer to $1.20 to $1.30 a litre rather than that which we are paying currently.