Retail petrol prices in Australia’s five largest cities trended downward in the December quarter 2023 as international refined petrol prices decreased, according to the ACCC’s latest quarterly petrol monitoring report.
However they were still at relatively high levels after international factors drove average retail prices to the highest on record in nominal terms in the September quarter 2023, says ACCC Commissioner Anna Brakey.
“Average retail petrol prices in the five largest cities have generally trended upwards in January and February 2024 on the back of higher international benchmark prices in the first two months of the year,” Ms Brakey said.
The ACCC monitors fuel prices in all capital cities and over 190 regional locations across Australia.
In the December quarter 2023:
- Quarterly average retail petrol prices in Australia’s five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 194.9 cpl, a decrease of 0.7 cpl from the September quarter 2023.
- Monthly average retail petrol prices in the five largest cities decreased 20.0 cpl or around 10 per cent in the same period.
- Average retail petrol prices in regional locations in aggregate were 198.9 cpl, an increase of 3.5 cpl.
- Quarterly average retail petrol prices increased in Canberra by 4.3 cpl and in Darwin by 3.0 cpl. In contrast, average retail petrol prices decreased in Hobart by 3.7 cpl.
- Quarterly average retail petrol prices in Canberra were 201.7 cpl, the highest among the eight capital cities.
The report also reveals that petrol sales volumes across Australia in the December quarter 2023 were 2,300 million litres, an increase of 4.5 per cent from the previous quarter, but still below pre-Covid-19 levels.
“Changes in driving habits, the increase in sales of hybrid and electric vehicles and motorists not buying as much petrol as they did in the past due to working from home and vehicles becoming more fuel efficient are likely reasons why petrol sales volumes have not fully returned to pre-Covid-19 levels,” Ms Brakey said.
