Australia to review Oilcode

The Federal Department of Resources, Energy, and Tourism in Australia has begun a review of oil refinery and terminal arrangements to see if base prices for petrol can be reduced. Resources Minister Martin Ferguson says the review of the Oilcode could ensure that customers get the best available petrol price, raising expectations of significant changes to the wholesale regime this year. However, oil suppliers such as Caltex Australia are expected to resist any changes. Caltex is preparing to hit back at demands from independent service stations for stricter oil refinery pricing that would end the discounts offered to Woolworths, Wesfarmers-owned Coles, and other retailers. (June 2, 2008)