The quarterly average for retail petrol prices decreased in the December quarter, hitting a three-year low in real (inflation adjusted) terms, according to the ACCC’s latest petrol monitoring report.
Average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 179.8 cents per litre (cpl), a decrease of 3 cpl from the previous quarter.
“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,” says ACCC Commissioner Anna Brakey.
Average retail petrol prices in Canberra, Hobart and Darwin also fell in the December quarter. Average prices in Darwin were 168.9 cpl, the lowest of the eight capital cities.
Average retail petrol prices across regional locations (in aggregate) fell to 179.5 cpl in the December quarter, slightly below the average prices across the five largest cities.
“It is pleasing to see that motorists had some relief when filling up at petrol stations across the country,” says Ms Brakey.
Gross indicative retail differences
The ACCC says gross indicative retail differences are a broad indicator of gross retail margins, including retail operating costs and profits.
Average gross indicative retail differences across the five largest cities were 17.2 cpl in the December quarter, an increase of 1.6 cpl from the previous quarter.
Quarterly average gross indicative retail differences can vary between cities and were lowest in Perth (9.6 cpl) and highest in Brisbane (24.1 cpl).
In 2024, annual average gross indicative retail differences across the five largest cities were 16.3 cpl, which is slightly higher than pre-pandemic levels in real (inflation-adjusted) terms.
Diesel prices decrease
Quarterly average retail diesel prices across the five largest cities were 177.1 cpl in the December quarter, down 8.4 cpl from the September quarter.
Average retail diesel prices were also lower in Canberra, Hobart and Darwin.
More consumers using fuel price apps
Around two in five surveyed consumers (or 41%) reported using fuel price apps to shop around for cheaper fuel in 2024, according to research published by ACAPMA. This was up from 34% in 2022.
