Threat of petrol price intervention is needed, says Treasury

High petrol prices and fears the new wholesale market will not solve it are behind the new bill. (Image: Getty)

Tue, 15 Nov 2022

Legislation allowing the Commerce Commission to set prices in the wholesale petrol market has been introduced into parliament as the Treasury says the threat of regulation is justified, despite some risks.The Fuel Industry Amendment Bill follows government decisions last week around biofuels, strategic oil reserves and other matters. The bill only covers the price-setting regulatory backstop powers.In 2010, the Fuel Industry Act introduced a terminal gate pricing (TGP) regime, which requires wholesale terminal storage suppliers to post a daily...

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