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ACCC chairman Rod Sims says cost of petrol ‘unquestionably’ too high

The price of petrol should be no more than $1 a litre, says the consumer watchdog.

ACCC chairman Rod Sims told Neil Mitchell the average price was ‘about six or seven cents’ more than it should be.

‘It is unquestionably too high,’ he said on 3AW Mornings.

‘They’re making very large profits.’

He has vowed to crack down on inflated prices, with the price of oil currently at a 12-year low.

Mr Sims said two things needed to change.

‘Retail margins have to come down (and) international refiner margins have to come down.

‘I think they should.’

Click PLAY below to hear Rod Sims explain more on 3AW Mornings.