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The consumer watchdog is getting new powers from the federal government to monitor petrol prices and profits.

A new directive has been issued to the Australian Competition and Consumer Commission which will produce more in-depth quarterly reports, analysing issues relating to the supply of petroleum products.

‘Our expanded direction to the ACCC will mean the watchdog will be better able to drill into the claims petrol companies make for price increases, such as the source of supply and quality of fuel sold in Australia and the impact of international prices and taxes,’ Treasurer Scott Morrison said in a statement on Thursday.