Petrol prices have fallen across Melbourne by an average of 1.7 cents a litre today, the Australian Competition and Consumer Commission has found.
"Surveys of metropolitan fuel prices have shown a mixed flow-on of the Victorian Government franchise fee cut," ACCC Chairman, Professor Allan Fels, said today. "From midnight, all deliveries of petrol and distillate should have been cheaper, by around 1.6 cents a litre for petrols and around four cents a litre for distillate.
"ACCC investigators surveyed the price of fuels yesterday and today and found that, across the metropolitan area, there has been a general fall in unleaded prices from 73.9 c per litre to 72.2 cents at more than half the sites that were surveyed.
"More than 100 stations were individually surveyed by the ACCC, and a total of 600 by other sources. This is about half the stations in Melbourne and Werribee. Some have passed the cut in full, some in part and some not at all. Some have gone further, for instance some majors, Liberty and Seven/Eleven, have dropped by more than the cut, at up to three cents a litre.
"In the distillate area, the cuts have been more uneven. In some cases, a station has cut its prices and has then been followed by other stations in that particular area. But where the price has been cut its has usually been by the full amount.
"The survey shows an average cut of only 0.7 cents per litre. This may be explained by the lower turnovers for distillate in metropolitan areas and the fact that most distillate sold today was purchased at the old, higher tax rate.
"It is worth noting that over each of the past four Thursdays in Melbourne petrol prices have jumped to approximately 74.4 cents per litre and that the rise to the level of 74.2 last Thursday was not an unusual movement.
"The ACCC will continue to monitor petrol and distillate prices to ensure that the price cuts are maintained and that consumers benefit from the Victorian government decision. The ACCC expects that the price cuts in country areas will be a little slower to flow through. Prices will be continued to be monitored to ensure to cuts are not taken back.
"The ACCC will be especially monitoring whether future cycles are at the permanent lower level than the last few weeks."
Further information Professor Allan Fels, Chairman, pager (016) 373 536 Ms Lin Enright, Director, Public Relations, (06) 264 2808 MR 55/97 1 June 1997
"Surveys of metropolitan fuel prices have shown a mixed flow-on of the Victorian Government franchise fee cut," ACCC Chairman, Professor Allan Fels, said today. "From midnight, all deliveries of petrol and distillate should have been cheaper, by around 1.6 cents a litre for petrols and around four cents a litre for distillate.
"ACCC investigators surveyed the price of fuels yesterday and today and found that, across the metropolitan area, there has been a general fall in unleaded prices from 73.9 c per litre to 72.2 cents at more than half the sites that were surveyed.
"More than 100 stations were individually surveyed by the ACCC, and a total of 600 by other sources. This is about half the stations in Melbourne and Werribee. Some have passed the cut in full, some in part and some not at all. Some have gone further, for instance some majors, Liberty and Seven/Eleven, have dropped by more than the cut, at up to three cents a litre.
"In the distillate area, the cuts have been more uneven. In some cases, a station has cut its prices and has then been followed by other stations in that particular area. But where the price has been cut its has usually been by the full amount.
"The survey shows an average cut of only 0.7 cents per litre. This may be explained by the lower turnovers for distillate in metropolitan areas and the fact that most distillate sold today was purchased at the old, higher tax rate.
"It is worth noting that over each of the past four Thursdays in Melbourne petrol prices have jumped to approximately 74.4 cents per litre and that the rise to the level of 74.2 last Thursday was not an unusual movement.
"The ACCC will continue to monitor petrol and distillate prices to ensure that the price cuts are maintained and that consumers benefit from the Victorian government decision. The ACCC expects that the price cuts in country areas will be a little slower to flow through. Prices will be continued to be monitored to ensure to cuts are not taken back.
"The ACCC will be especially monitoring whether future cycles are at the permanent lower level than the last few weeks."
Further information Professor Allan Fels, Chairman, pager (016) 373 536 Ms Lin Enright, Director, Public Relations, (06) 264 2808 MR 55/97 1 June 1997