Average retail petrol prices were significantly lower in the September quarter 2024, according to the ACCC's latest quarterly petrol monitoring report.
In the September quarter 2024, average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 182.8 cents per litre (cpl), a decrease of 13.7 cpl from the June quarter 2024.
"Lower petrol prices in the September quarter offered some cost of living relief to motorists around the country," ACCC Commissioner Anna Brakey said.
The following chart shows seven-day rolling average retail petrol prices across the five largest cities from October 2022 to September 2024. In the September quarter 2024, lower international refined petrol benchmark prices were the main driver of lower average retail petrol prices across the five largest cities.
Seven-day rolling average retail petrol prices across the five largest cities in nominal terms
Source: ACCC calculations based on data from FUELtrac and Informed Sources.
Notes: The grey shaded area in the chart represents the September quarter 2024.
A seven-day rolling average price is the average of the current day's price and prices on the six previous days.
Quarterly average retail prices decreased in all five largest cities in the September quarter 2024. Of the largest cities, average petrol prices decreased the most in Brisbane (by 16.8 cpl), with average prices in Perth decreasing the least (by 8.9 cpl).
Quarterly average retail petrol prices also decreased in Canberra, Hobart and Darwin. Average prices in Darwin were 176.4 cpl, the lowest among all eight capital cities.
"While motorists have had some price relief in recent months, we continue to encourage using a fuel price app or website to check for a lower priced retailer near you before filling up," Ms Brakey said.
The ACCC also publishes up to date price charts, buying tips, and information on movements in the petrol price cycles that occur in Sydney, Melbourne, Brisbane, Adelaide and Perth, which can be helpful for consumers.
"We know petrol price cycles can be frustrating for motorists, particularly the longer cycles experienced in Sydney, Melbourne and Brisbane. Where possible, taking advantage of the low points of the cycle, even by topping up half a tank, can be a good way to make the most of lower prices in your area," Ms Brakey said.
Lower crude oil and international refined petrol prices reflected easing oil demand
International refined petrol prices (which are driven by international crude oil prices) and the AUD-USD exchange rate, largely determine movements in retail petrol prices in Australia. The largest component of retail petrol prices in the quarter was the international price of refined petrol (Mogas 95).
"Retail petrol prices in Australia generally follow international refined petrol prices, which trended downward in the September quarter 2024," Ms Brakey said.
Lower crude oil prices in the quarter were influenced by slowing oil demand in China together with increases in oil supply from producers outside of the Organisation of the Petroleum Exporting Countries.
Other components of retail prices include taxes, wholesale costs and margins, and retail costs and margins (measured by gross indicative retail differences). Average gross indicative retail differences across the five largest cities in aggregate were 15.6 cpl in the quarter, a decrease of 1.6 cpl from the previous quarter. Gross indicative retail differences are a broad indicator of gross retail margins, including both retail operating costs and profits.
Regional retail petrol prices also decreased on average
The ACCC monitors fuel prices in all capital cities and over 190 regional locations across Australia. In the September quarter 2024, average regional retail petrol prices were 187.5 cpl, a decrease of 9.9 cpl from the June quarter 2024.
On average, regional retail prices across all locations were 4.7 cpl higher than prices across the five largest cities (182.8 cpl).
Diesel prices were lower in all capital cities
Quarterly average retail diesel prices across the five largest cities were 185.5 cpl in the September quarter 2024, a decrease of 9.0 cpl from the June quarter 2024 (194.5 cpl).
Quarterly average retail diesel prices decreased in each of the eight capital cities, following lower international diesel benchmark prices, which is the largest component of retail diesel prices.
New hybrid vehicle sales increased
Conventional hybrid vehicles - vehicles where its battery recharges internally - accounted for 16.7 per cent of new vehicles sold in the September quarter 2024, according to Australian Automobile Association data.
New battery electric vehicle sales decreased and represented 6.6 per cent of new vehicle sales. The share of plug-in hybrid electric vehicle sales - a second type of electric vehicle - increased, representing around 2.5 per cent of new vehicles sales.
Internal combustion engine vehicle sales were lower but still accounted for the majority of new vehicle sales (74.2 per cent).
Note
'Petrol' means regular unleaded petrol unless otherwise specified.
Singapore Mogas 95 Unleaded (Mogas 95) is the relevant international benchmark for the wholesale price of petrol in Australia. Singapore Gasoil with 10 parts per million sulphur content (Gasoil 10 ppm) is the international benchmark for the wholesale price of diesel.
Background
The ACCC has been monitoring retail prices in all capital cities and over 190 regional locations across Australia since 2007.
On 14 December 2022, the Treasurer issued a new direction to the ACCC to monitor the prices, costs and profits relating to the supply of petroleum products in the petroleum industry in Australia and produce a report every quarter for a further three years.
