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Old 03-18-2003, 16:59   #1 (permalink)
JR
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PRICE WATCH: What did you pay for Petrol?

Well, with Gulf War 2 kicking off in the next few days, I noticed the price of petrol had once again escalated for no sane reason last night.

I’ve heard all the arguments from the fuel companies with regard to our fuel prices being linked to the world markets etc… but the truth is they really can't come up with any justification for the profiteering they are all currently engaged in, using the war to boost their own bottom line.

Why for example are we currently paying so much at the pump for fuel that was purchased for refining months or years ago when the per barrel cost was half what it is now? How can any company rationalize the fact that the price of petrol can fluctuate by up to 13-15 cents per liter overnight? How do they get away with blatant collusion that would have just about any other industry in court facing charges?

As a Ford driver I know that many of us, especially you uni guys that exist on only part-time jobs, will be watching for the best bargains come fill-up time, or conversely, avoid being ripped off. The Falcon’s not a cheap car to run – petrol wise – so I think this is a very important thing we should keep a watch on.

Just as AP rants on about the government and their $peed Camera$ Road $afety policies, I think we should also try and keep track of which fuel companies are screwing us the worst.

Depending on how long Gulf War 2 lasts, the next few weeks has the potential of seeing fuel prices skyrocket (I wouldn’t be surprised to see 98 Octane hitting $1.50 per litre).


Last night around 10pm, the Mobil on Parramatta Rd at Granville charged me $1.19 per litre for Synergy 8000.

I’d like everyone to list what they’re paying and where – maybe some of us will be helped by this and know which stations to go to and which to avoid.


Cheers
Jason
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Old 03-18-2003, 17:06   #2 (permalink)
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About 85.8c on a wednesday at 7 11, SHell, BP and Plus+ petrol. These vary about 1c up and down from each other.

Sat and sunday I saw 98.5c around those 4 stations in my area.

If petrol hits $1.35 as I heard it may, then it will cost $92 to fill my Fairmont up!

The biggest farce is that Australia doesn't import oil for making fuel, we have our own (hence the cheap price and low quality), so technically the world markets shouldn't affect our fuel price at all.
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Old 03-18-2003, 17:13   #3 (permalink)
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Quote:
Originally posted by 94ED_Fairmont
The biggest farce is that Australia doesn't import oil for making fuel, we have our own (hence the cheap price and low quality), so technically the world markets shouldn't affect our fuel price at all.
Before anyone goes off on a rant blaming John Howard for this, I'd like to point out that linking the price of our fuel to the rest of the world via the Singapore wholesale price was another of the brilliant ideas brought to you by the economic genius who gave us the Aussie Dollar float and the recession we had to have: Paul Keating.

Cheers
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Old 03-18-2003, 17:14   #4 (permalink)
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certainly a very worrying time regarding fuel. I will not be surprised in the slightest also if these rises eventuate, and honestly are they justified...?? Not at all, especially when the cost of oil per barrel is down.. So as you said, it is just like the governments road safety strategies...

And i can tell you that if fuel does approach those prices, i'm sure ALL will sacrifice weekend holidays, day trips etc, the implications are quite extensive.
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Old 03-18-2003, 17:18   #5 (permalink)
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oh and to add to the list, on the way into work this morning, petrol at the moment here (Hoddle Street, Melbourne) was around 96 cents, the scary thing is, i'm begining to think that's cheap..:err:
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Old 03-18-2003, 17:47   #6 (permalink)
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The price of oil has fallen by about $5 a barrell in the last week or so. It's just yet another blatant oil company profiteering excercise.

I filled up on Friday and the average price around town was around $1.05 - $1.07 ULP but the Shell servo at Fyshwick had it for $0.95.
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Old 03-18-2003, 18:24   #7 (permalink)
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Don't forget the excise tax.

Northern Syd most stores were trading at about 97.9 to 98.9. A certain service station at turramurra jumped to 1.10 when war was declaired (well ultimatium anyway)
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Old 03-18-2003, 18:33   #8 (permalink)
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Oil prices plunge on expectation of quick war

From SMH

March 19 2003





The price of oil plunged nine per cent today, falling to its lowest level in more than two months. Traders were betting that the impending United States invasion of Iraq will go smoothly and that global stockpiles of crude are sufficient to offset any supply disruptions.

The April futures contract fell $3.26 to $31.67 a barrel on the New York Mercantile Exchange, the lowest close since Jan. 8.

However, with US supplies low and uncertainty in the Middle East high, traders said petroleum prices were likely to remain volatile in the short term.

"This thing could go right back up," said Tom Bentz, an analyst at BNP Paribas in New York.

"We're still vulnerable because inventories are tight."


The most recent US Energy Department data showed commercial stockpiles of crude at 269.8 million barrels, 18 per cent below year ago levels.

Supplies have dwindled as a result of high demand for heating oil in the US Northeast and fewer imports from Venezuela, whose oil industry was crippled for months by a nationwide strike.

Yet Bentz and other traders mostly expressed confidence today that the loss of Iraqi crude could be made up elsewhere and that the US government will tap its own 600 million barrel stockpile, the Strategic Petroleum Reserve, in the event of a supply emergency.

European nations have their own stockpiles that could help make up for any supply shortages resulting from war, which could begin as early as tomorrow night.

Furthermore, industry watchers said OPEC producers - with the exception of Iraq and Venezuela - all are pumping over their quotas, eager to take advantage of the high prices. That extra supply could hit the market just as northern hemisphere demand for petrol, heating oil and other fuels drops to seasonal lows.

"There's quite a bit of oil in vessels and it's now beginning to hit the consuming areas," said Leo Drollas, chief economist of the London-based Centre for Global Energy Studies.

He said Saudi Arabia may have as much as 50 million barrels in storage or en route to markets.

"They've chartered 25 vessels over the last month and a half," said Drollas in a telephone interview, with each tanker capable of carrying two million barrels of crude.

The United States consumes roughly 19.5 million barrels of crude a day and more than half of that is imported.

Fadel Gheit, senior oil analyst at Fahnestock & Co in New York, said traders were coming to the conclusion that the world has enough oil to meet demand, even assuming that Iraq's daily production of 1.5 million barrels is taken out of the equation.

Venezuela, whose oil industry was all but shut down earlier in the year because of a nationwide strike, is now producing enough oil to make up for an Iraqi shortfall, Gheit said.

Saudi Arabia has increased its production by one million barrels a day to more than nine million barrels a day, Gheit said.

"We have plenty of oil," he said. "This war premium has to come out of the price."

The biggest fear in the market is that oil facilities in other Middle Eastern countries, such as Kuwait or Saudi Arabia, could be attacked - a scenario that would cause oil prices to shoot higher very quickly, Gheit said.

Short of that, he said prices could easily drop another $5 a barrel in the coming weeks.

The price of crude, which reached a 12 year high of $37.83 last Wednesday, has fallen 16 per cent over the past four trading sessions.

Today's decline in oil prices also drove down wholesale prices for petrol and heating oil. Heating oil for April delivery fell 5.79 cents to close at 85.78 cents a barrel, while petrol futures dropped 6.52 cents to close at 96.19 cents a gallon.

On London's International Petroleum Exchange, Brent crude from the North Sea closed at $27.75 a barrel, down $2.23.
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Old 03-18-2003, 18:48   #9 (permalink)
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Fuel here is $1.09 in Cowra it has gone up 10c in the last 2 weeks.

Iraq should have no effect on our oil price. We don't trade with them.
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Old 03-18-2003, 18:51   #10 (permalink)
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I encourage everyone that is concerned about oil prices, to write to ACCC. Like I am just about to do.

Yesterday, on the way to work, I noticed that fuel was 96.9 cents a litre. I thought that I should fill up when I got home from work, before all this talk of war pushes prices up.

So, when I got home, it was $1.10 a litre!!! SHENANGANS!!!

I used to work at a Pertol Station, and I know that they only get deliveries every couple of days. So, this is just pure profiteering.

And especially with oil prices going down!!!

So, write a letter to the ACCC, and hopefully public opinion can get something done!
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