As concerns increase regarding fuel prices across the state with warnings against panic buying, one of Casey’s cheapest fuel stations in Cranbourne has run out of U91 fuel and diesel with some U95 left to spare.
It comes as new laws has taken effect in Victoria, legally requiring fuel stations to lock in their fuel prices 24 hours before the following day
Officially taking effect on 10 March, the daily cap law requires retailers to submit their maximum price for each fuel grade by 2pm which is in-turn published at 4pm on the ‘Servo Saver’ tool, accessed through the Service Victoria app.
From 6am the following morning, the capped price will lock in for a full 24 hours and while servo stations can drop their prices throughout the day, they cannot increase them.
Fuel prices have been a topic of interest over the past few weeks, as the conflict in the Middle East continues, causing disruptions to the flow and transport of fuel in Australia.
Star News was told around noon on 11 March by the staff of the lowest price servo store in Cranbourne, that they had run out of U91, diesel, and had only a little bit of U95 left. The staff said they might refill overnight.
Its Operator APCO stated that “strong demand has resulted in temporary stock shortages at all locations“.
The Victorian Automotive Chamber of Commerce (VACC), is calling attention to limited retail margins, stating that government established taxes such as fuel excise and GST, make up roughly 30 to 35 percent of every litre sold and global fuel costs accounting for a further 50 to 55 percent.
“Service stations are price-takers, not price-makers. When global markets move, retailers feel it immediately — but they have almost no capacity to cushion the blow for customers or for their own businesses”, VACC CEO, Peter Jones said.
In an enquiry made to the Casey community regarding the new laws capping fuel prices, one Casey resident echoed the VACC’s sentiments but also expressed apprehension about the state’s new strategy.
“What I saw this morning is this strategy is driving fuel prices up,” they said.
“Diesel has gone up 25c/ltr overnight at a couple of petrol stations that I passed this morning (11 March).
“This diesel would have been purchased at pre-conflict prices as well, so the profit margin at the moment would be very high somewhere along the supply chain.
“We can’t necessarily blame the individual petrol stations because it seems to be happening across the board, which means that it is happening elsewhere in the supply chain.“
On Tuesday 10 March, the Federal Government held a meeting of a new taskforce intended to address the current fuel supply chain issues, with Energy Minister, Chris Bowen, maintaining that there has been no disruptions to fuel imports and arrivals and that rising prices are due to panic buying and increased consumer demand.
We had a closer look at the Servo Saver tool. Here’s what we found:
CASEY SOUTH U91 PRICES AS OF WEDNESDAY 11 MARCH 12PM:
Cranbourne (3977)
Highest: 229.9
Lowest: 205.9
Clyde (3978) –
Highest: 229.9
Lowest: 209.9
Lynbrook (3975) –
Highest: 229.9
Lowest: 209.5
Hampton Park (3976)-
Highest: 229.9
Lowest: 219.9
Tooradin (3980) –
Highest: 229.9
Lowest: 229.9
Pearcedale (3912) –
Highest: 219.9
Lowest: 219.9
