Retail petrol prices in Australia fell to a three-year low in real terms during the December quarter of 2024, according to the ACCC.
The average retail petrol price across Sydney, Melbourne, Brisbane, Adelaide, and Perth was 179.8 cents per litre (cpl), down 3.0 cpl from the previous quarter. This decrease was largely driven by lower international prices for refined petrol (Mogas 95), which followed a decline in crude oil prices due to slowing global demand and increased supply from Organisation of the Petroleum Exporting Countries (OPEC) members and non-OPEC countries.
Anna Brakey, ACCC Commissioner, said a range of international factors which influence the prices of commodities like crude oil have led to prices at the bowser easing from the higher levels that were seen in early 2024.
Retail petrol prices also declined in Canberra, Hobart, and Darwin, with Darwin recording the lowest average price among capital cities at 168.9 cpl. Regional locations saw a slight drop to 179.5 cpl on average, slightly below the five-city average.
Despite lower petrol prices, gross indicative retail differences—which broadly reflect retail margins and operating costs—rose by 1.6 cpl to 17.2 cpl in the five largest cities. The highest margin was recorded in Brisbane (24.1 cpl), while Perth had the lowest (9.6 cpl). For the full year, the average gross indicative retail difference was 16.3 cpl, slightly above pre-pandemic levels in inflation-adjusted terms.
More consumers are using fuel price apps to find cheaper petrol, with 41 per cent of Australians using these tools in 2024, up from 34 per cent in 2022, according to research from the Australasian Convenience and Petroleum Marketers Association.
“Taking advantage of the available information through apps and websites can be well worth it to find retailers with lower fuel prices in your area and to save money on fuel,” Brakey said.
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