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STATEMENT FROM THE MINISTER FOR ENERGY, ANGUS TAYLOR

STATEMENT FROM THE MINISTER FOR ENERGY, ANGUS TAYLOR

STATEMENT FROM THE MINISTER FOR ENERGY, ANGUS TAYLOR:

Current international supply issues and uncertainty from the likely impacts of Omicron overseas are the biggest factors impacting global fuel prices.

This has been exacerbated by a shortage of natural gas and coal overseas, which has also boosted demand for oil by encouraging users to switch to fuel oil and diesel for power generation.

As a result of these global supply and price pressures, we recognise that some Australian families and businesses are currently feeling price pressures at the pump, although retail prices have been lower than seen in last year’s highs due to global shortages.

The Government expects that motorists are getting a fair deal when buying fuel, however, the Government does not regulate prices.

As always, the Australian Competition and Consumer Commissioner, will continue to monitor the market to ensure consumers aren’t overpaying.

Whilst the world is experiencing high oil prices, data from the Australian Petroleum Statistics indicate Australia has among the lowest prices in 2021 of all OECD countries.