COR (Commonwealth Oil Refineries

The exorbitant fuel prices we Australians are paying at the pump just does not add up.
When world oil prices were close to $150 per barrel last year when consumers were paying up to $1.70 per litre at the pump.
Now that the world price has fallen to around $40 per barrel, that's less than a third of the maximum price last year, we are still seeing constant prices well over $1.10. By my reckoning, prices should not be over 90cents even at the high side of the cycle. Our dollar has not fallen to the extent that the oil companies maintain is the reason for the high price.
How many of your readers remember the federally owned oil company C.O.R. Commonwealth Oil Refineries.
Perhaps it is time for the federal government to again establish it's own oil refinery, that will surely keep the others honest.