McCormack backs calls to stop fuel price hikes

Member for Riverina Michael McCormack has backed calls from the NRMA for the Federal Government to step in as fuel companies raised prices by more than 50 cents a litre as early as last Wednesday. Fuel prices are expected to rise due to the ongoing conflict in the middle east, however, prices at the petrol pump wasn't expected to go up until this week. As reported inside today's paper, some petrol stations in Young jumped their prices by around 50 cents between last Tuesday and Wednesday, with the knock on effect relfected in Boorowa and Harden by Thursday. Mr McCormack is calling on the Australian Government to do more to investigate the price rises across the Hilltops and the Riverina electorate with the increases expected to put further inflationary pressure on the economy. "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," he 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 puts extraordinary pressure on freight companies that help feed Australians." The rise in petrol prices will put pressure on everyone from producers, businesses, supermarkets and more with locals bracing themselves for an increase in costs for the most basic of necessities. "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," Mr McCormack said. In Federal Parliament last week it was announced that there was only fuel on Australian soil for between 32-36 days, where other countries have up to 90 days in stock, something that will continue to encourage fuel companies to push up prices due to supply and demand. The NRMA believes it should have taken around 10 days for the oil price increase to make its way to Australia, yet all local petrol stations are charging over $2 a litre. "More needs to be done to ensure service stations do not take advantage of consumers and the Australian Competition and Consumer Commission (ACCC) needs to keep a close eye on this situation and punish those who do the wrong thing," Mr McCormack said.