The Rudd government says only OPEC can help reduce petrol prices by increasing the supply of oil to countries, including Australia.

The government passed the FuelWatch legislation in the House of Representatives last week, despite strong criticism from the opposition.

The coalition criticised the legislation, saying retailers should not be forced to fix their prices ahead of time and consumers could end up paying more for petrol.

“The bottom line is this: we've got a huge problem worldwide when it comes to oil prices and petrol prices,” Mr Rudd told the Ten Network.

“When I go to Japan I'm speaking with Prime Minister Fukuda.

“Next month he will be hosting the G8 summit. ... Read full article