Then acting Prime Minister James Fenton declared the Australian price of petrol should not exceed 1/7 or 1/8 a gallon in all states, an article stated on this day in 1930.
Mr Fenton said that he had received a copy of a White Paper issued by the British Board of Trade, which revealed details of how much petrol cost.
The White Paper showed that prior to its arrival in the United Kingdom, commercial spirit cost 6d an imperial gallon on March 29.
Other costs were ocean transport, insurance and leakage three farthings a gallon, making the total wholesale cost 1/2.
On March 29 1930, the retail cost of commercial spirit in the United Kingdom was 146 a gallon and it had since been reduced to 1/4.
Mr Fenton said that on this basis, making allowance for higher duties in Australia, it appeared that the total price in the Commonwealth should not exceed 1/8 a gallon in all states.