Petroleum Excise (Prices) Amendment Act 1988 (115 of 1988)

3   Interpretation

3. Section 4 of the Principal Act is amended:

(a) by inserting before paragraph (a) of the definition of "reviewable decision" in subsection (1) the following paragraph:

"(aa) a decision to fix a transaction price under subsection (2);";

(b) by omitting from subsection (1) the definition of "transaction price" and substituting the following definition:

"'transaction price', in relation to a quantity of excisable crude petroleum oil, means, subject to subsection 7 (6):

(a) where the oil producer of the oil has sold the quantity of oil - the price for which it was sold; or

(b) in any other case - the price fixed under subsection (2);";

(c) by omitting subsection (2) and substituting the following subsections:

"(2) Where an oil producer of a quantity of excisable crude petroleum oil does not sell the oil but enters into a transaction under which another person takes, or is intended to take, possession of the oil (whether or not ownership in the oil passes, or is intended to pass, to another person) the Minister, or an officer within the meaning of the Public Service Act 1922 authorised by the Minister to exercise the Minister's powers under this subsection, may, by instrument in writing, fix a transaction price in respect of that oil (being a transaction price that he or she considers to be fair and reasonable having regard to the terms of the transaction).

"(3) Where the Minister or authorised person fixes a price for a transaction under subsection (2), he or she shall notify the oil producer in writing of the fixing of the price, giving reasons for it.".