Document ID: chunk:federal_register_of_legislation:C2025C00166:section:7:p1
Version: federal_register_of_legislation:C2025C00166
Segment Type: section
Provision Reference: s 7 (pt 1/3)
Character Range: 15747–18379

7  Minister etc. to determine VOLWARE prices
 (1) A reference in this section to the volume weighted average of realised prices for a month and an oil producing region is a reference to the amount (expressed as an amount of Australian dollars, calculated to the nearest cent, per kilolitre) obtained by dividing the sum of the transaction prices in respect of quantities of excisable crude petroleum oil obtained from that region that are entered for home consumption during the month by the total volume of that oil.
 (2) The Minister, or a person authorised by the Minister to exercise the Minister's powers under this section, shall, not later than one month after the end of each month occurring after the VOLWARE commencement date in relation to an oil producing region, determine a price in relation to that month and that region, to be known as the interim VOLWARE price for that month and that region, being an estimate by the Minister or authorised person, on the basis of the information available to him or her at the time (being information obtained pursuant to section 6 or otherwise), of the amount that will finally be determined to be the volume weighted average of realised prices for that month and that region.
 (2A) Nothing in this section implies that the Minister, or a person authorised by the Minister to exercise the Minister's powers under this section, cannot determine an interim VOLWARE price for a month and an oil producing region at any time during the month concerned, whether or not there is available at that time any information concerning the prices for which excisable crude petroleum oil obtained from that region and entered for home consumption during that month has been sold, or is likely to be sold.
 (3) The Minister, or a person authorised by the Minister to exercise the Minister's powers under this section, shall, not later than 6 months after the end of each month occurring after the VOLWARE commencement date in relation to an oil producing region, determine a price in relation to that month and that region, to be known as the final VOLWARE price for that month and that region, being the final determination by the Minister or authorised person of the volume weighted average of realised prices for that month and that region.
 (3A) In spite of subsections (2) and (3), neither the Minister nor a person authorised by the Minister to exercise the Minister's 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