Changing Petrol Prices

Question 1

What causes the change in petrol prices?

Answer 1

. Change in the international benchmark prices
. The value of the Australian dollar relative to the US dollar
. Pricing decisions by wholesalers and retailers

Question 2

What impact does the change in fuel prices have with the economy?

Answer 2

The impacts are:
. Retailers will earn less money due to consumers not spending as much money
. Auto industry businesses have to produce more fuel efficient cars
. There is an increase in public transportation
. Work or school weeks have started to shorten due to the financial burdens of employees and students
. Business have to halt hiring potential employees
. New job opportunities have been turned down due to the trip to work alone

Question 3

What are 2 possible solutions for fuel prices?

Answer 3

. Fixing alternatives to car use

. Seeking alternatives to oil

Question 4

What action has the federal government been able to take in relation to fuel prices?

Answer 4

The federal government had founded the ACCC, with one of their many major roles being to monitor fuel prices across the country.