4min read
PREVIOUS ARTICLE Stocks to watch NEXT ARTICLE Our regulators no light touch: Morrison

The head of Australia’s consumer watchdog is appalled motorists are increasingly ‘financing the extravagance’ of oil-rich nations such as the United Arab Emirates.

Australian Competition and Consumer Commission chairman Rod Sims said gouging by a ‘cartel’ of 14 oil-rich nations was the number one factor in the height of petrol prices.

‘I can well-understand why Australian motorists resent this and I think they should,’ he told News Corp on Wednesday.

‘It is appalling. There is no other way to put it.’

The Organisation of the Petroleum Exporting Countries comprises 14 member nations including Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar and the UAE.

Since OPEC countries orchestrated an oil supply cut in 2016, the cost of a litre of unleaded petrol has risen by more than a third – from $1.14 to $1.53 – adding $27 to the price of filling a family car.