Drop in diesel prices as petrol remains steady

Retail diesel prices have dropped an average of 10 per cent in the March quarter, while petrol prices saw only slight changes.

The quarterly average retail diesel prices in Australia’s largest five cities fell by 10 per cent between the March quarter 2023 and the previous quarter to 199.7 cpl, while quarterly average petrol prices only fell marginally by 0.5 cpl to 182.2cpl.

Anna Brakey, ACCC Commissioner, said they are pleased that developments in international diesel markets have led to a decrease in the retail price of diesel, a crucial input to many parts of the economy.

“Retail petrol prices in the five largest cities were less volatile in the March quarter, following significant volatility in 2022 due to fluctuating international crude oil and refined petrol prices, and the temporary cut, and subsequent restoration, in fuel excise.”

While quarterly average retail petrol prices across the five largest cities fell slightly, by 0.5 cpl, to 182.2 cpl, they fell by 3.2 cpl in Perth (to 176.6 cpl) and 0.9 cpl in Melbourne (to 184.3 cpl) and rose by 1.5 cpl in Brisbane (to 186.4 cpl). Prices in Sydney rose slightly (up 0.5 cpl) while Adelaide prices recorded a slight drop (down by 0.3 cpl) in the quarter.

Looking at the smaller capital cities, retail petrol prices also decreased, with prices in Hobart, on average 4.2 cpl cheaper than in the December quarter, while Darwin prices dropped by 3.2 cpl, and Canberra prices were down by 2 cpl.

“Less volatile petrol prices in the five largest cities, and declines in prices in most regional locations have been good news for many motorists in the March quarter,” said Brakey. 

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