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Economists claim petrol up to 10c a litre higher than needed
Oil companies once again stand accused of ripping off motorists during the festive season, with economists claiming up to 10c a litre is being gouged at petrol pumps. And the Grinch-like cash grab is costing unsuspecting motorists dearly.

According to data from the Australian Institute of Petroleum's website, oil companies have significantly increased their wholesale margins in December - at the public's expense.

The apparent gouging has been particularly noticeable in the past fortnight as retail prices increased while wholesale prices fell. The disparity comes as oil continues to trade at well under $US40 a barrel, at prices not seen since early 2003.

Across Sydney yesterday, motorists were forking out an average $1.02.5 a litre. At one station, regular unleaded was a whopping $1.29.9 a litre.

The vast majority of stations selling petrol under a $1 a litre yesterday were independent retailers.

It is a situation that mirrors last year's festive season pricing.

Twelve months ago, The Daily Telegraph caught petrol companies gouging 3c a litre from motorists by abandoning their usual weekly "discount" cycle. It was a move that netted the companies a $3.5 million Christmas bonus.

University of NSW economist Professor Frank Zumbo believes this is an insult to motorists.

"I'm very disappointed that these companies revert to their old tricks, and that is, between Christmas and New Year, they jack up the prices because they think no one is watching because they are in holiday mood," he said. "They think they can get it past the wicketkeeper.

"The ironic thing is that the oil companies have decided to play games just days after the ACCC, the Petrol Commissioner and (assistant federal treasurer) Chris Bowen have declared that the oil companies 'have not ripped off motorists'."

Shell Australia spokesman Paul Zennaro yesterday refused to admit oil companies were ripping off motorists. Zennaro told The Daily Telegraph the wholesale prices were at the mercy of regional factors.

"Fuel is sold in the Australian market at a terminal gate price - based on the regional benchmark - that includes freight costs, wharfage, tax and a margin," he said.

Economists had predicted fuel would go as low as 87c a litre when oil fell below $US40 a barrel recently.
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