Page 677 - Week 03 - Tuesday, 12 April 1994
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ATTORNEY GENERAL
LEGISLATIVE ASSEMBLY QUESTION
Question No. 1163
Petrol Prices
Mr Cornwell - asked the Attorney General - In relation to the price of petrol in the ACT
I.) Given that the price of the benchmark (West Texas Crude) oil was US$22.80
per barrel in September 1993 and is now (February 1994) only US$14.27 per barrel, why
has this one third reduction not been passed on to ACT motorists.
Mr Connolly -the answer to the Members question is as follows:
I.) The price of West Texas Crude was not US$22.80 in September 1993. Your question is thus wrongly premised and requires no answer. Given the open nature of this Government, I will, however, answer your question.
I am advised that the Prices Surveillance Authority has reduced the maximum wholesale price caps (before taxes) for the ACT by an amount that exceeds the movement demonstrated in the West Texas Intermediate ("WTI") crude price over the same period. WTI prices have not been at or above $US22.00 per barrel since October 1992 and were last reported at $US23.00 per barrel or above in November 1991.
Increases in both Federal and Territory taxes in the ACT since I September 1993, have totalled 2.69 cents per litre for leaded and 1.69 cents per litre for unleaded petrol.
I attach, for your information, a diagram provided by the Prices Surveillance Authority showing the change in WTI crude prices from 1 September 1993 and the change in the PSA maximum endorsed wholesale price for Shell in Canberra during the period 1 September 1993 to 25 February 1994. During this same period, retail prices have varied from a high of 76.9 cents per litre to lows of 66.9 cents per litre. During this same period, there has been an effective wholesale price decrease of 2 cents per litre. This shows the dramatic effect actions of the Labor Government have had on retail petrol prices.
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