Independent Nick Xenophon sided with the opposition to vote the plan down which would have enabled drivers to lcate the cheapest petrol in their area.

"My job is to make sure we have the most competitive petrol market we can - and bring some certainty to petrol prices," he told Sunrise.

The commissioner says he's not surprised there is "a great deal of conclusion and uncertainty."

"We import petrol fro Singapore, so that sets the price in Australia "

"Fortunately, it's been coming down."

Sunrise host Natalie Barr questioned the commissioner on why the petrol companies continue to pull in massive multi-billion-dollar profits.

"As for the massive profits," says Dimasi, "It's quite a mixed picture... These things fluctuate."

"The price of Singapore petrol is selling below the price of relevant crude."

And the good news for motorists is they are trending down.

"Since the peak in mid July prices have come down around thirty-five cents."

"They would have come down another twenty cents if it weren't for the exchange rate."

"The price of petrol will continue to fall."

Related links

How to save money running your car

Fuelwatch - and finding cheaper fuel now

Give your friendly servo a plug!

Rudd says Fuelwatch report was Costello's idea