Major fuel retailers are getting blamed for soaring petrol prices as the premium fuel prices reached $1.90 in most capital cities last weekend. 

According to the Australian Competition & Consumer Commission (ACCC), Australian motorists are paying three cents a litre more than standard. 

“In our view, margins are two to three cents a litre too high,” ACCC chairman Rod Sims said. “That’s $400-600 million- that’s a lot of money for Australian motorists.” 

Mr Sims added that this has equated to Australian motorists paying around $200 million a year. 

“Petrol retailers say this is due to higher costs. We can easily see a cent there but it’s about 1c (in costs). There’s at least 2c to 3c consumers are paying that they shouldn’t be,” Mr Sims said.  

“They are doing it to make money; that’s the only benefit of it. I believe it costs motorists,” he added. 

As a response to the soaring prices, the federal government announced that it will take action if drivers are indeed getting ripped off by petrol retailers. 

Treasurer Josh Frydenberg said that the government will consider recommendations by the consumer watch dog. 

“If they make any recommendations to government then, of course, we will favourably consider those,” Mr Frydenberg said. 

“What we understand about our petrol market is that it is driven to some extent by what happens overseas, with the Australian dollar, but also with global oil prices,” he added. “But if companies here are ripping off consumers then we will take action.”