Document ID: chunk:federal_register_of_legislation:C2025C00166:section:7:p2
Version: federal_register_of_legislation:C2025C00166
Segment Type: section
Provision Reference: s 7 (pt 2/3)
Character Range: 18160–20818

powers under this section is required to determine an interim VOLWARE price, or a final VOLWARE price, in respect of an oil producing region and a month if, at all times during that month:
 (a) if the region consists of a single production area—there is in force a declaration under subsection 6(1B) that that area is a limited production area; or
 (b) if the region consists of 2 or more production areas—there are in force declarations under subsection 6(1B) that each of those areas is a limited production area.
 (3B) Nothing in subsection (3A) affects the obligation of the Minister or of a person authorised by the Minister to exercise the Minister's powers under this section to determine an interim VOLWARE price, or a final VOLWARE price, in respect of an oil producing region and a month if a declaration under subsection 6(1B) relating to a production area in that region that was in force during that month is subsequently revoked.
 (4) A determination of the final VOLWARE price for a month and an oil producing region shall not be made unless:
 (a) the Minister or authorised person is satisfied that accurate and complete information concerning all of the transactions relevant to determining the price has become available to the Minister or authorised person; or
 (b) 5 months and 20 days have passed since the end of that month and information that the Minister or authorised person is satisfied is accurate and complete concerning all of those transactions has not yet become available to the Minister or authorised person.
 (5) Subject to subsection (6), the regulations may provide for:
 (a) the manner in which transaction prices for quantities of excisable crude petroleum oil are to be calculated for the purposes of determining the volume weighted average of realised prices for a month and an oil producing region; and
 (b) the manner in which the total volume of excisable crude petroleum oil is to be calculated for the purposes of such a determination.
 (6) In determining the volume weighted average of realised prices for a month and an oil producing region, the Minister or authorised person may fix, for the purposes of the determination, the transaction price in respect of a quantity of excisable crude petroleum oil obtained from that region, being a price that he or she considers to be fair and reasonable, in substitution for a price set out in information given under section 6 if he or she considers that:
 (a) the parties to any transaction concerning the oil were not dealing at arm's length in relation to that transaction; and
 (b) the price set out is less than the amount that could reasonably be expected to be