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A question that the ACCC does not even try to answer is why our prices are predicated on the Singapore Market. Why should a country that produces sweet crude (as I understand we do) have to be linked to an offshore cartel pricing?
And I suppose we need to then ask, what is or was behind the decision to close so much - or is it now all - of our refineries capacity.
It is disingenuous of the ICCC to say (as they do) that they neither set nor control retail prices in Australia. It ignores the underlying question of WHO DOES. Someone is raking billions a week out of us. Where is it going? And why is it that the ICCC wrings its hands and does nothing?
Peter
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