Federal Member for Riverina Michael McCormack is calling on the Federal Government to do more to investigate recent fuel price hikes in the Riverina electorate.
It comes as escalating tensions in the Middle East will likely drive up prices and put further inflationary pressure on the economy.
Mr McCormack is urging the Government and relevant bodies to crack down on retailers who prematurely put up fuel prices.
“People in the Riverina electorate and across the country are already suffering from a cost-of-living crisis under the watch of this Labor Government – they can ill afford to cop another hit to the hip pocket from unruly fuel retailers unnecessarily price gouging,” Mr McCormack said.
“In regional areas not only is energy the economy but so is fuel, because it powers cars and trucks and anything else to enable people to get to places.
“More importantly than that, it also powers trucks to get food to capital cities. The regions grow the nation’s food and fibre. Rising fuel costs put extraordinary pressure on freight companies that help feed Australians.
“The global economic uncertainty will certainly create an inflationary ripple effect on the cost of living, but the Government has to do more in the domestic space, including reining in its own spending, to help mitigate the imminent effects of international pressures, but Labor has so far failed to adequately address the cost-of-living crisis, tackle the exorbitant price of energy or improve our standard of living.”
According to the NRMA, it takes about seven to 10 days for increased oil prices to make their way to Australia, yet fuel prices have already drastically risen.
“More needs to be done to ensure service stations do not take advantage of consumers and the Australian Competition and Consumer Commission needs to keep a close eye on this situation and punish those who do the wrong thing,” Mr McCormack said.
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