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Fuel prices up, but should be coming down

PetrolWatch – April 2014

Fuel prices up, but should be coming down

Fuel prices rose during April, but the AA says retailers should be cutting prices.

After falling 2 cents per litre early in the month, petrol and diesel prices later rose 4 cents per litre during April. The price of petrol ended the month on $2.18 per litre for 91 octane at most brands, while diesel prices reached $1.50 per litre at most service stations.

“The last increase on 23 April was not justified in the AA’s opinion, and since then commodity prices have fallen while the exchange rate is still above 86 US cents,” says AA PetrolWatch spokesperson Mark Stockdale.

“Fuel companies should be reversing the last 2 cent increase now. The last time their margins – the difference between retail prices and costs – were this high, they cut pump prices.”

Premium fuel can cost 16c more than 91 octane
AA PetrolWatch also notes that the price difference between 91 and 95 octane petrol is 8 cents per litre, depending on brand. 98 octane petrol, sold by Gull and at selected BP and Mobil service stations, typically costs another 8 cents, or about 16 cents per litre more than 91 octane.

“Many motorists are unaware of the big price difference in the three petrol grades, as service stations tend to only advertise the price of 91 octane and diesel. For that reason, the AA has been lobbying the government to make it mandatory for fuel companies to publish the price of all fuels they sell on their price boards so motorists know what grades of fuel are sold, and at what price,” Mr Stockdale added.

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