Retail petrol prices driven up by international factors

Quarterly average petrol prices in Australia’s five largest cities were 195.6 cents per litre (cpl), an increase of 12.7 cpl from the June quarter.

Higher international refined fuel prices driven by OPEC oil production cuts and stronger global oil demand, combined with a lower Australian/US dollar exchange rate, contributed to higher petrol prices in the September quarter, according to the ACCC’s latest quarterly petrol monitoring report.

Mick Keogh, Deputy Chair at the ACCC, said the report shows the significant impact that international price movements and changes in the Australian dollar against the US dollar have on Australian retail petrol prices.

“Petrol prices varied across the 190 regional locations the ACCC monitors, however quarterly average petrol prices in regional locations in aggregate (195.4 cpl) were marginally below average prices in the five largest capitals.”

This quarter’s report includes data from October and November following the conflict in the Middle East, with weekly average international crude oil and refined fuel prices fluctuating following an initial lift on daily prices on 9 October.

“We will continue to monitor retail fuel prices closely as international crude oil and fuel benchmark prices react to the conflict.

“We encourage Australian consumers to use one of the many fuel price apps and price comparison websites that provide real-time fuel price information to see where they can find lower prices in their area,” said Keogh.

To stay up to date on the latest industry headlines, sign up to the C&I e-newsletter.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top