The price of petrol appears to be more erratic than the stock market.

There are two current inquiries into petrol pricing:

The ACCC has been monitoring petrol prices for some time.

On 15 June 2007 the Treasurer approved the holding of a price
inquiry by the ACCC into the price of unleaded petrol, pursuant to
section 95H(2) of Part VIIA of the Trade Practices Act 1974.

Matters to be taken into consideration by the inquiry include, but are not restricted to:

• the current structure of the industry
• the extent of competition at the refinery, wholesale and retail levels, including the role of imports
• the determination of prices at each of these levels, including the methodology for determining wholesale prices and
• current impediments to efficient petrol pricing and possible methods to address them.

The inquiry is a public inquiry and is to be completed and a report submitted to the Treasurer by 15 October 2007.

UPDATE: Public hearing transcripts

The Queensland State Government has established a
Commission of Inquiry to determine why up to $125 million of the $541
million a year fuel subsidy is not ending up in the pockets of
Queensland motorists.

Premier Peter Beattie has appointed former Queensland Court of Appeal judge and former
Federal Court judge Bill Pincus QC to head the inquiry, which will
report back by November 2007.