Fuel prices have fallen for the fourth time in a fortnight, with petrol and diesel both dropping 3 cents per litre on 24 May. This follows a 4 cent/litre reduction on 22 May, a 3c/l drop on the 16 May and a 6c/l drop on 9 May – the first price reduction since August 2010.The listed diesel retail price is $1.48 on 26 May, the same level as on 4 March. So why aren't the Fullers fares back at March levels now that their main argument for the recent price hike has been sinking? Could it be that Fullers is being used as a cash cow by Souter Holdings to finance its US$861 million investment in a Turkish ferry company?
UPDATE from AA Petrolwatch news release:
Prices drop for first time in 8 months
May was a month of extreme contrasts, with petrol prices hitting their highest ever level and then falling for the first time since August 2010.
“May began ominously with petrol prices reaching an all-time record high of $2.22 per litre, but within days prices began tumbling due to lower commodity prices and a rising exchange rate,” says AA PetrolWatch spokesperson Mark Stockdale.
After 91 octane petrol rose to $2.22 per litre in the main centres in early May, prices fell four times during the month to end on $2.06 per litre. The price of diesel also fell 16 cents to $1.48 per litre at most outlets by month end.