'On notice': Jim Chalmers sets ACCC on ramped up fuel price monitoring

There have been calls for the Albanese government to extend the Morrison government's temporary cost-of-living measure beyond its scheduled end on September 28, but Dr Chalmers has ruled out a further $3 billion impost on the budget, telling The Canberra Times "people didn't elect us just to do the easy things, they elected us to do the right thing".

Motorists have been saving around $10 on an average tank of petrol after the excise tax was slashed in the March budget to curb soaring cost-of-living pressures. But with inflation still rising, concerns remain around retail price gouging.

"Refiners, importers, wholesalers and retailers should consider themselves on notice - the ACCC is keeping a very close eye on fuel prices across the country to make sure any increases are justifiable," the Treasurer warned.

The ACCC monitors fuel prices, costs and profits and it is due to release its quarterly report on retail petrol, diesel and automotive LPG prices for the June quarter on Monday.

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The Treasurer wrote to ACCC chair Gina Cass-Gottlieb on August 18 asking the independent regulator to "intensify" its activities.

"The ACCC will play a critical role in ensuring that market participants do not take advantage of the expiry of the fuel excise reduction to penalise consumers," Dr Chalmers wrote.

"As you know there is an existing direction to the ACCC to monitor prices, costs and profits relating to the petroleum industry in Australia.

"I expect the ACCC to intensify these efforts in the period preceding and after September 29 and, as the independent regulator enforcing Australia's competition and consumer laws, to investigate any concerns arising about misrepresentations regarding petrol prices, false and misleading conduct or anti-competitive conduct in fuel markets, and to take appropriate action."

As part of its response to the request, the ACCC will access and analyse daily petrol and diesel retail price data in all capital cities and more than 190 regional locations.

It will also step up communication with consumers about fuel prices, including about the best times to buy in their location, and write to major fuel wholesalers and retailers with expectations and warnings about misleading or anti-competitive conduct. False and deceptive advertising potentially attracts penalties of up to $10 million.

Dr Chalmers had forewarned since the May election that any extension to the fuel excise cut was not on the cards, insisting it would be "incredibly hard" to continue the fuel tax relief indefinitely amid growing government debt and economic challenges like high inflation and falling real wages.

The Morrison government cut the fuel excise in March by 22.1c a litre to help ease the pressure of high petrol prices driven by global oil constraints.