15 Aug 2008

Lower fuel prices at all outlets

11:54 am on 15 August 2008

The retail price of 91 octane petrol is now below $2 per litre at all outlets.

Shell, BP and Gull cut their petrol prices by 3 cents a litre on Thursday, and the price of diesel by 8 cents a litre. They were followed by Caltex. Mobil did so on Friday morning.

The retail price of 91 octane is now $1.99.9c per litre and 95 octane is selling for $2.04.9 a litre. The retail price of diesel is $1.71.9 per litre.

Gull's general manager Dave Bodger says diesel prices have reduced because large refining margins on the fuel have eased.

National Australia Bank economist Gerard Burg says a reduction in demand in the United States is a key reason for the price falls.

He says large cutbacks in China's industry for the Olympics have also had an impact, but that's expected to change once the Games end.