Even if these refineries were kept open we'd still have to import the crude oil stock to feed them.
The solution is use our own crude oil that the oil companies are sitting . Obviously, the
implementation of Costello's petrol & diesel pricing benchmark based on Singaporean
wholesale prices + the add-ons has caused a disincentive for the Multinationals to
pump our oil out of the ground and continue prospecting to maintain in-ground reserves.
Oil pricing enquiries in the interim by the ACCC have only focussed on domestic distribution
and retail margins and not on the Singaporean benchmark wholesale price which is outside
the jurisdiction of the ACCC. IMO, the Oil Companies planned it this way to prevent the
ACCC from nosing into what is the Oil Companies source of profit.
Who knows, there may be more than one Singaporean wholesale price and if so,
then, IMO, we won't get the lowest. It seems absurd to trust the entire pricing of
our petrol and diesel on 2 Singaporean refineries owned by two major players
in our oil and petroleum importation without the ACCC not having the authority
to audit these refineries' books.
Just write to the Treasurer who overseas the ACCC and has the power to
undo Mr Costello's Oil Company sweetheart deal and express concern
if your are concerned.
