submission to the inquiry into price of petrol in australia federal parliament senate economics committee august 2006 executive summary & key messages crude oil and refined petroleum products are bought sold international markets paid for or like diesel reflects market conditions day this is same hundreds other commodities coal gold wheat sugar beef etc there separate but related both product internationally through a variety term contract arrangements spot transactions pricing purposes oils similar quality often compared single representative marker class these crudes also convenient indicators what happening with prices relevant actual trades generally based on formula approach where used as base then differential added eg premium higher
