Petrol prices reach nominal high in April

Seven-day average retail petrol prices across Australia’s five largest capital cities moved to a record high in nominal terms of 215.2 cpl in April.

The ACCC’s latest quarterly petrol monitoring report showed that average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) decreased 1.7 cpl from the December 2023 quarter to 193.2 cpl in the March 2024 quarter.

Anna Brakey, Commissioner at the ACCC, pointed to international factors and price cycles as a reason for the April increase.

“Daily average retail petrol prices increased across the five major cities in April following increases in international refined petrol prices and as petrol price cycles in several cities moved towards the highest point of the cycles.”

The April prices were below the highest price levels seen in the past in real terms, effects of recent international factors and geo-political events on benchmark prices continued to influence relatively high Australian retail petrol prices.

“An upward trend in crude oil prices in the quarter was influenced by a number of international factors including conflict and geo-political tension in the Middle East, a rise in attacks on energy facilities in Russia and Ukraine and threats to shipping lanes in the Red Sea.”

In over 190 regional locations across Australia average retail petrol prices decreased by 5.2 cpl from the December quarter 2023 to 193.7 cpl.

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