ACCC investigates sharing of price information among gasoline retailers

The Australian Competition and Consumer Commission (ACCC) said it has started a formal investigation into the sharing of price information by gasoline retailers. The ACCC said it had concerns that such arrangements may breach the law. “The ACCC has put the industry on notice for some time about its concerns in this area,” ACCC Commissioner Joe Dimasi stated. Current arrangements allow for the private and frequent exchange of price information among major petrol retailers. The ACCC is concerned this allows them to signal price movements to each other, monitor competitor responses and react to them, the agency said. The Competition and Consumer Act 2010 prohibits contracts, arrangements or understandings that may substantially lessen competition. “The ACCC has now commenced a formal investigation into this matter, and a dedicated investigation team has been assigned,” ACCC Chairman Rod Sims said in the statement. (May 4, 2012)