Fuel

Petrol prices at lowest level since 2002, but margins high

The Australian Competition and Consumer Commission report on the Australian petroleum industry for the June quarter 2017 shows that retail margins remained high despite quarterly average petrol prices in the five largest cities dropping by 3.9 cents per litre (cpl) from the March quarter to 125.2 cpl.

In 2016-17 annual average petrol prices were at their lowest levels in real terms since 2001-02 (see Chart 1).

Annual average retail petrol prices in the five largest cities were 122.6 cpl in 2016-17, slightly higher than in 2015-16 in nominal terms.

Quarterly report on the Australian petroleum market - June quarter 2017

The eleventh quarterly report under the petrol monitoring arrangements announced by the then Minister for Small Business, the Hon. Bruce Billson MP, in December 2014.

Quarterly report on the Australian petroleum market - March quarter 2017

The tenth quarterly report under the petrol monitoring arrangements announced by the then Minister for Small Business, the Hon. Bruce Billson MP, in December 2014.

Petrol prices increased during the March quarter but fuel price apps can help motorists

The Australian Competition and Consumer Commission’s tenth quarterly report on the Australian petroleum industry has found that the quarterly average price for petrol in the March quarter 2017 was 129.1 cents per litre (cpl), which is the highest since the September quarter 2015 (133.2 cpl).

Prices in the five largest cities (i.e. Sydney, Melbourne, Brisbane, Adelaide, and Perth) increased by 7.1 cpl. Retail prices in Perth were the highest with the average retail petrol price in Perth reaching 132.1 cpl.

Report on the Cairns petrol market

The fourth market study report under the petrol monitoring arrangements announced by the then Minister for Small Business, the Hon. Bruce Billson MP, in December 2014.

Cairns drivers hit by high petrol profits

The average net profit per petrol station in Cairns was around 38 per cent higher than the average net profit across other sites around Australia in 2015–16, according to a new petrol market study published by the ACCC today.

“The ACCC’s Cairns petrol market report confirms what motorists have suspected for a long time: they are paying too much for fuel and contributing to very high profits for retailers in the area,” ACCC Chairman Rod Sims said.

Petrol prices were the highest in more than a year in December quarter

The Australian Competition and Consumer Commission’s ninth quarterly report on the Australian petroleum industry has found that the December quarter 2016 had the highest quarterly average price since the June quarter 2015. This coincided with unprecedented growth in popularity of fuel price comparison apps and websites as motorists seek out the cheapest fuel in their area.

Quarterly report on the Australian petroleum market - December quarter 2016

The ninth quarterly report under the petrol monitoring arrangements announced by the then Minister for Small Business, the Hon. Bruce Billson MP, in December 2014.

Motorists should buy now to avoid petrol price spikes

Australian Competition and Consumer Commission Chairman Rod Sims has urged motorists to shop around now to find the best deal before price cycles push petrol prices higher. The ACCC is concerned that petrol prices are increasing in Sydney, and those in Melbourne, Brisbane and Adelaide may increase in coming days, following largely OPEC-inspired recent increases in wholesale petrol prices.

Petrol prices in larger cities should fall before Christmas

Australian Competition and Consumer Commission analysis of recent petrol price cycles has identified that prices have already peaked in many capital cities, which means that they should be falling at a time when petrol demand is highest.

“Sales of petrol across Australia are at their highest in the latter half of December, so the fact that prices should be decreasing, albeit from high levels, during a period of high demand will be some comfort to motorists,” ACCC Chairman Rod Sims said.