AA PETROL WATCH - October 2004

Thursday, 4 November 2004, 5:54 pm
Press Release: Automobile Association

3 November 2004

AA Petrol Watch observed that fuel prices remained at high levels during October, with the pump price for 91 octane reaching a record high of 125.9 cents per litre in many main centres. 96 octane sold for as much as 130.9 cents per litre in some main centres during the month.

Diesel prices also reached an all time high, selling for as much as 84.9 cents per litre in some areas.

These high fuel prices continued to reflect the all time high of the international price for oil and allowing for some variation in the exchange rate.

The importer margin for petrol maintained a level of between 12.5 and 14 cents per litre.

In the wake of continuing high fuel prices, the Association today raised its concern about the pricing of premium grade petrol by fuel retailers.

It is noted that retailers in some parts of the country are now offering a range of premium grade petrol varying between 96 and 98 octane, but that there is a lack of consistency in the pricing of these fuels. 96 octane typically sells at a price between 5 and 6 cents greater than 91 octane, but 97 and 98 octane pump price in some locations is an additional 5 cents per litre more than the pump price for 96 octane.

“Inconsistencies between the pricing of higher octane fuels raises motorists doubts about the fairness of the pricing approaches being employed. Motorists want to see the effects of competitive pricing in the fuels market, especially with the overall pump price being so high due to the international oil price” George Fairbairn, AA Director of Public Affairs said today.

It was also noted that some retailers were failing to clearly show the octane level of the premium grade petrol they are selling, which was confusing some consumers.

AA Petrol Watch will continue to monitor fuel prices and report on them regularly.

ENDS

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