A monitoring system for a catalytic converter is provided. The system includes: a fuel determination module that determines a fuel composition based on a sensed composition of fuel in a fuel system; a fuel/air (F/A) determination module that selectively determines a stoichiometric F/A ratio based on the fuel composition; and an oxygen storage capacity (OSC) diagnostic module that computes a target OSC based on the stoichiometric F/A ratio, that compares the target OSC to a reference value and diagnosis the catalytic converter based on the comparison.