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Petrol prices dropped in Dec

The Australian Competition and Consumer Commission (ACCC) reported petrol prices in Australia’s five largest cities dropped significantly, hitting lows not seen since August 2017.

The ACCC’s December quarter 2018 petrol monitoring report showed the daily average prices peaked at 10-year highs of 159.9 cents per litre in late October 2018, and then fell to a low of 119.2 cents per litre by the end of 2018.

According to the ACCC, the lower inernational crude oil and refined petrol prices were the main reasons for the decrease in petrol prices.

ACCC Chair Rod Sims said: “Petrol prices dropping so dramatically in time for the end of year holidays was great news for motorists. It’s good to see that retail prices followed the fall in international prices in many locations”.

“We will monitor prices closely in our smaller cities and regional areas and highlight where prices do not reflect the large fall in crude oil prices,” Mr Sims said.

The report can be read in full here.

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