Cut prices to below $1.20, oil giants told

Original article by Glenda Korporaal
The Australian – Page: 3 : 31-Mar-20

Australian Competition and Consumer Commission chairman Rod Sims notes the slump in oil prices is good for the economy, given Australia is an importer of oil. Sims says that given Australian consumers are struggling to cope with the COVID-19 crisis, they should not be expected to have to buy petrol at above $1.30 a litre. Sims says prices should be, at worse, under $1.20, and "heading considerably lower". Sims is confident the Australian economy will quickly recover once the COVID-19 crisis is over.


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