The Finocchiaro CLP Government has enacted the Price Exploitation Prevention Act for the first time, since its inception in 1949, in an unprecedented move to manage the on-going fuel crisis.
Treasurer Bill Yan said the powerful Act enables the government to compel fuel retailers and suppliers to provide the full cost structure of selling fuel, margins derived from retail fuel sales and how retail prices are set.
"Under the Act we can request an open-ended amount of data from retailers, prohibit transactions, and if there is evidence of price exploitation we can intervene, "Minister Yan said.
"In the most extreme cases we can over-rule and set the price.
"These are extreme powers which give us the ability to intervene and over-rule, which we genuinely hope we don't have to use because retailers will do the right thing.
"This is about market transparency and having the power to hold these companies and retailers to account."
The Treasurer has written to Northern Territory fuel retailers clearly outlining the government's expectation that the reductions in fuel prices from the Commonwealth's fuel excise reduction be passed on in full to consumers.
Failure to comply under the Act is a criminal offence with penalties ranging from $74,000 in fines and up to 2 years in prison.
"I want to emphasise that fuel continues to arrive in the quantities and frequency we need and expect with normal amounts of fuel on its way to arrive over the next few weeks.
"Our supply levels are in line with the rest of the country sitting at around 30 days with ships continuing to arrive weekly.
"People don't need to stockpile or hoard fuel. We have enough for everyone.
"We're asking everyone - the fuel suppliers, business, and the community - to just keep purchasing based on your ordinary needs
"We ask everyone to treat retail fuel station staff with respect; this fuel crisis is not their fault."
The Treasurer wrote to NT fuel retailers to advise of the expectation of the Northern Territory Government that the reductions in fuel prices from the Commonwealth's fuel excise reduction will be passed on in full to consumers.
The Northern Territory's representative on the Prime Minister's fuel taskforce, Jimmy Kiploks, has been given the powers of the price controller under the Price Exploitation Act.
Megan Miller - 0407 222 049
