caltex defends high petrol prices

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    ABC Online
    Caltex has denied allegations of price fixing and profiteering from rising petrol prices.

    Caltex chief executive officer David Reeves says the company has made more money in recent times because of higher refining margins in Singapore.

    He says when the prices go down again, the profit margins will even out.

    Mr Reeves says Australia's petrol prices are in line with prices in other countries.

    "Despite the high prices that we're currently experiencing as a country, they are not differentially higher than the developed world," he said.

    "In fact we remain probably fifth or sixth cheapest fuel in the world, taxes included.

    "We're not alone in experiencing the impacts of the global shortage, I shouldn't say shortage, but a very tight supply and demand picture."

    Dave R.
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