which will be in force for 12 months in an effort to bring down skyrocketing gas prices.
ACCC chairwoman Gina Cass-Gottlieb said the regulator would focus on companies that attempted to avoid the price cap.“While our primary objective is to achieve compliance with these laws, we are ready to exercise our enforcement powers in response to any alleged contraventions, particularly if we become aware of any conduct that may be intended to circumvent the price cap,” she said.
It said some current agreements were linked to variable factors such as the Brent crude price that could push prices above the cap.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Get the biggest baseball out you have and start swinging FHS! You are dealing with a recalcitrant, foreign owned, zero tax paying, price gouging Cartel!
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumer watchdog cracks down on gas companies evading price capThe Australian Competition & Consumer Commission has put gas producers on notice amid confusion over the government's legislation on energy retailers. Producers have been warned they'll be punished if they withhold supply from the domestic market and the ACCC says it will crack down on any suppliers running avoidance schemes in order to evade price caps. It comes after retailers on the eastern seaboard refused to take on new customers.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Aus domestic market represents ’15 to 20 per cent’ of ‘overall gas sales’Energy Users Australia Chief Executive Officer Andrew Richards said the Australian domestic market represents “15 to 20 per cent” of “overall gas sales” within the industry. “The Australian domestic market represents somewhere between 15 to 20 per cent of their overall gas sales,” he told Sky News Australia. “A majority of Australian gas is sold overseas to contracted partners and to spot markets. “The Australian market is a relatively small market in that context, so there will continue to be a substantial investment,” Mr Richards said.
Source: SkyNewsAust - 🏆 7. / 78 Read more »