The ACCC has released a report outlining that Australian petrol prices at the bowser are at their lowest levels in 14 years.
Prices on average across the five largest cities stood at 121.7cpl, the lowest since 2001-02 when adjusted for inflation. While this is good news for consumers, the report also found that gross retail margins, the difference between retail prices and published wholesale prices, had grown in the 15-16 financial year, to the highest records since the ACCC began tracking the statistic in 2002. Gross retail margins across the period averaged 11.2cpl.
“We remain concerned about the petroleum industry’s high-gross retail margins, which indicate motorists are not reaping the full benefits of lower international crude oil and refined petrol prices,” ACCC Chairman Rod Sims said. “Bowser prices for motorists last year were the lowest they’ve been on average for 14 years, but this report suggests that in order for there to be more competitive pressure on retailers, consumers need to shop around and reward those offering the best-priced fuel.”
Ms Sims pointed to the MotorMouth smartphone app as an outlet for consumers to check prices, and added that this was one of a number of apps and services designed to compare fuel prices in Australia.