Petrol and diesel price review: 7 June 2013
Fuel prices rose 4 cents per litre on 7 June, led by Z. Since the last increase over a week ago, the exchange rate has fallen further (but only 1 US cent), while commodity prices have risen slightly (about US$1/barrel). The AA’s monitoring of commodity prices and exchange rate movements shows that, up to 6 June, the imported cost of petrol and diesel has only risen 2 cents per litre since pump prises last rose on 29 May (17 May in the case of diesel), when the AA’s analysis showed the 3cpl (petrol) increase was too much. We repeat the same message again. The AA considers that, at most, retail prices should have only risen 2cpl – half the amount retail prices have actually risen by today. In actual fact, even with the latest commodity price and exchange rate movements, the importer margins are within recently observed bands, and in our view fuel companies could have held off raising prices until next week to see if those movements are sustained.
Petrol and diesel prices as at 7 June
Previous price as at 29 May