Petrol retailers should reduce their prices in line with falls in international petrol prices

Petrol retailers should not use the current pandemic to further increase profits, which the latest ACCC petrol industry report shows have risen in recent years, and should pass on the full benefit of falling oil prices to motorists, the ACCC has said.

Weekly average international crude oil prices have decreased by around US$ 50 per barrel since the beginning of the year and this has largely flowed through to Australian wholesale petrol prices, which have decreased by around 50 cents per litre (cpl) in the same period.

Australian motorists must benefit from any sustained crude oil price fall

The ACCC will closely monitor retail petrol price movements in Australia in the coming weeks to determine if the recent falls in international crude oil and refined petrol prices are flowing through to consumers.

This follows a decline in the price of crude oil and refined petrol since early January 2020 and, in particular, sharp falls in crude oil prices last week.

Quarterly report on the Australian petroleum market - December quarter 2019

The first quarterly report under the petrol monitoring arrangements set out in the Competition and Consumer (Price Monitoring—Petroleum Fuels) Direction 2019, which commenced in December 2019.

Quarterly report on the Australian petroleum market - September quarter 2019

The eighth quarterly report under the petrol monitoring arrangements announced by the then Treasurer, the Hon. Scott Morrison MP, in December 2017.

Motorists can save hundreds by shopping for petrol at low priced retailers

Motorists could save hundreds of dollars a year, simply by choosing to fill up at low-priced petrol retailers, a new ACCC petrol report has found.

The ACCC report analyses average retail petrol prices throughout 2018, and compares the prices between high- and low-priced major petrol retailers in the eight Australian capital cities.

Petrol prices vary significantly - report on petrol prices by major retailer in 2018

An in-depth petrol report analysing annual and monthly average retail petrol prices in 2018 to identify the highest and lowest priced major retailers in the eight Australian capital cities.

East coast gas market still tight

The east coast gas market is unlikely to experience a shortfall in 2020 but supply remains tight and more development and production is needed, the ACCC says in its seventh Gas Inquiry Report, released today.

The ACCC has found that a gas supply shortfall in the east coast gas market in 2020 is less likely than it was for 2019, mainly because east coast producers expect to produce more gas, about 113 PJ, than in 2019.