A report conducted by the Australian Automobile Association (AAA) has shown that the average retailer profit margin on oil has grown by 35% since February 2012. That growth in monetary terms is between 8.9 to 12.3 cents per litre. This news comes as the Australian Consumer and Competition Commission (ACCC) plan to release its first quarterly report on petrol prices this week.
It’s a great relief for many customers to see the price of oil drop to its lowest since 2008. Everybody across the world, let alone Australia, deserves the right to cheaper oil which has been a very welcome change. Yet, seemingly greedy retailers have decided to use the drop to line their own pockets somewhat greedily, by seemingly taking advantage of the situation.