The Australian Seafood Industry Council (ASIC) has thrown its weight behind a new campaign to cut the price of fuel across Australia.
If the price does not come down to realistic levels, a thorough and immediate ACCC inquiry will be justified, said ASIC Chair Bob Pennington.
Fuel accounts for up to one third of harvesting costs in Australian fisheries.
Mr Pennington confirmed today that the net price of fuel to the fishing industry had leapt 30 per cent in the past year.
He said that although the barrel price had risen, the $A had revalued from US64c to US78c.
"With oil purchased in US dollars, the barrel price alone is no excuse for a 30pc price hike to fishers in just 12 months.
"The rising dollar places downwards pressure on our export returns, but at the very least it should also mitigate our high fuel costs.
"If we don't see a cut in fuel prices Australia-wide very quickly, then it will be time for pressure to be applied through the Australian Competition and Consumer Commission, with stronger powers of investigation if necessary," Mr Pennington said.
"Prima facie there is a strong case to show that our fuel continues to cost too much. "This product enjoys fairly inelastic demand but fuel users will become increasingly angry if they are held to ransom.
"A cut of 5c a litre would ease fishing fuel costs by 8 per cent."
