Bill Yan

The Country Liberal Party will today in Parliament give notice of the Fuel Price Disclosure Bill 2022, designed to drive down the price of fuel and ease cost of living for Territorians.
The CLP is once again leading from Opposition and tackling one of the biggest factors facing Territorians when it comes to cost of living pressures – particularly for those living in remote areas.
In 2015, the ACCC recommended “publication of margins and profits” as a way to drive down the retail price of fuel. This recommendation was accepted, but never implemented by the Labor Government.
The CLP’s legislation will require petrol stations to disclose their profit margins on fuel, breathing transparency into bowser prices and giving Territorians greater power when choosing where to fuel up.
The profit margins on fuel are much higher in the Territory than other states; despite an almost identical cost profile, unleaded at the pump in Darwin is selling for $2.06, while fuel in Adelaide is selling for $1.86. There is also a concerning gap between the wholesale gate price and the pump price, with Darwin retail prices sitting as much as 40 cents a litre higher than the gate price.
The CLP has always said that the Labor Government’s failed MyFuel website, which does not include publication of profit margins, has simply made it easier for petrol stations to coordinate pricing and maintain artificially high prices, particularly in the current economic environment.
While world oil prices remain high due to a range of factors, we also know that CPI in the Territory outstrips the rest of the nation – Darwin’s CPI is estimated to increase by 6.1% in 2021-22 which flows from disastrous economic management under 6 years of Labor.
We don’t want more people to leave the Territory because it costs too much to live here.
The CLP is taking urgent action on cost of living because Territorians cannot wait any longer for relief at the bowser.
The Fyles Government should be giving bi-partisan support to the CLP’s legislation to drive down fuel prices.