Average retail petrol prices were higher in the June quarter but have since reduced, according to the ACCC's latest quarterly petrol monitoring report.
In the June quarter 2024, average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 196.5 cents per litre (cpl). This was an increase of 3.3 cpl from the March quarter 2024 (193.2 cpl).
"The lower prices since the end of the quarter have provided some relief to many motorists around the country," ACCC Commissioner Anna Brakey said.
Average retail petrol prices across the five largest cities decreased in July and August 2024, following lower international refined petrol benchmark prices. On a monthly basis, average retail petrol prices across the five largest cities were 193.6 cpl in June 2024, and decreased by around 10 cpl to 183.7 cpl in August 2024.
The following chart shows 7-day rolling average retail petrol prices across the five largest cities from July 2022 to August 2024.
Seven-day rolling average retail petrol prices across the 5 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 June quarter 2024.
The blue shaded area in the chart represents July and August 2024.
A 7-day rolling average price is the average of the current day's price and prices on the 6 previous day.
Among the five largest cities in the June quarter 2024, average petrol prices increased the most in Sydney (by 5.7 cpl), with average Adelaide prices decreasing by 0.7 cpl, while Brisbane's average retail petrol prices were the highest of the five largest cities (204.8 cpl).
Quarterly average retail petrol prices increased in Canberra, Hobart and Darwin. Average prices in Darwin were the third lowest among all eight capital cities, behind Adelaide and Perth. Quarterly average prices in Canberra were 205.1 cpl, the highest among the eight capital cities.
The ACCC's latest report also gives results for the financial year 2023-24. Annual average retail petrol prices across the five largest cities were 195.1 cpl in 2023-24. This was the highest on record in nominal terms and the highest in 10 years in real (inflation adjusted) terms. After adjusting for inflation, annual average prices in 2013-14 were 196.6 cpl.
The ACCC encourages motorists to make the most of fuel price apps and websites
In August 2024, the ACCC released a report on fuel price apps and websites and petrol price cycles in Australia, illustrating the benefits of using one of the many free fuel price apps and websites to shop around for lower fuel prices. There are more than 40 free to use fuel price apps and websites available.
"In the current economic climate, making savings is important to many motorists. It can always be worth using a fuel price app or website to quickly check for a lower priced retailer near you before filling up," Ms Brakey said.
The following chart shows a range of average petrol prices by major brand in Brisbane during a petrol price cycle in the June quarter 2024. The chart also shows the levels of terminal gate prices (or indicative wholesale prices), represented by the grey shaded area.
"There is often a range of petrol prices available across retail sites and using a fuel price app or website to find a lower priced site can result in large savings," Ms Brakey said.
From April to early June 2024 in Brisbane, the range of retail petrol prices between the highest and lowest priced brands was around 19 cpl on average. The range varied from as high as 42 cpl (when retail prices were increasing in the cycle) to around 9 cpl (when prices were decreasing).
Daily average retail regular unleaded petrol prices by major brand and daily average terminal gate prices (lagged 7 days) in Brisbane
Source: ACCC calculations based on data from the Queensland Government open data portal - Fuel price reporting 2024.
Notes: The grey shaded area in the chart represents average terminal gate prices in Brisbane (lagged by 7 days).
Retail prices are averaged across sites on a brand basis using data from the Queensland Government fuel price transparency scheme. Major retail brand means a retail brand with at least 7 retail sites under one brand that sold regular unleaded petrol. The 'Independent' category represents a collection of other branded and unbranded sites. Daily average retail prices are calculated from price observations at 6 hour intervals.
Observing petrol price cycles in the five largest cities can also be a useful way for motorists to save on petrol. The ACCC web page - Petrol price cycles in major cities - includes up to date price charts, buying tips, and information on petrol price cycles in Sydney, Melbourne, Brisbane, Adelaide and Perth.
"We know that because of longer petrol price cycles, motorists in Sydney, Melbourne and Brisbane can't always wait for the price cycle to reach the next low point," Ms Brakey said.
"Where possible though, taking advantage of the low points of the cycle, and topping up or filling up before prices increase, can save money."
Retail petrol price components
The following chart shows changes in the components of average retail petrol prices in the five largest cities between the March quarter 2024 and the June quarter 2024.
The largest components include the international price of refined petrol (Mogas 95) and excise and wholesale goods and services tax. The Australian/US dollar exchange rate can impact retail prices because international refined petrol is bought and sold in US dollars in global markets - although in the June quarter the exchange rate was relatively stable and had minimal impact on changes in average Mogas 95 prices in Australian dollar terms.
Other components include wholesale costs and margins (including international shipping costs and other import costs, and wholesale costs and margins) and retail costs and margins (represented by gross indicative retail differences).
Changes in the components of average retail petrol prices across the 5 largest cities - cents per litre (cpl)
Source: ACCC calculations based on data from Informed Sources, Argus Media, Ampol, bp, Mobil, Viva Energy, FuelWatch, the Reserve Bank of Australia and the Australian Taxation Office.
Notes:
cents per litre change from the previous quarter.
The excise and wholesale goods and services tax component in this chart (65.9 cpl) is different to the excise and goods and services tax (wholesale and retail) component in the bowser, shown in the 'June quarter 2024 - Petrol snapshot'. This is because a small amount of retail goods and services tax (1.6 cpl) is included in the gross indicative retail differences component in the above chart, for consistency in reporting gross indicative retail difference figures throughout this report.
Total excise and goods and services tax was 67.5 cpl in the June quarter 2024, an increase of 0.6 cpl from the previous quarter.
Gross indicative retail differences increased to slightly above pre-pandemic levels
Average gross indicative retail differences across the five largest cities (in aggregate) were 17.2 cpl in the June quarter 2024. This was 1.8 cpl higher than the previous quarter (15.4 cpl). Gross indicative retail differences are a broad indicator of gross retail margins (including both retail operating costs and profits).
In the 2023-24 financial year, annual average gross indicative retail differences across the five largest cities were 16.3 cpl, slightly higher than pre-pandemic levels on a real terms (inflation-adjusted) basis.
The level of gross indicative retail differences is not uniform across each of the five largest cities. In the June quarter 2024, quarterly gross indicative retail differences were lowest in Adelaide (9.2 cpl) and highest in Brisbane (25.6 cpl). In 2023-24, annual average gross indicative retail differences were lowest in Perth (10.7 cpl) and highest in Brisbane (22.0 cpl).
The ACCC will continue to closely monitor the levels of gross indicative retail differences, including the differences between cities.
Quarterly average regional retail petrol prices were marginally higher than prices across the five largest cities
The ACCC monitors fuel prices in all capital cities and over 190 regional locations across Australia. In the June quarter 2024, average regional retail petrol prices (regional prices) were 197.4 cpl, an increase of 3.7 cpl from the March quarter 2024.
Regional prices were 0.9 cpl higher than average retail petrol prices across the five largest cities (196.5 cpl).
Diesel prices were lower in many capital cities
Quarterly average retail diesel prices across the five largest cities were 194.5 cpl in the June quarter 2024, a decrease of 1.2 cpl from the March quarter 2024 (195.7 cpl).
Quarterly average retail diesel prices decreased in each of the capital cities except Canberra, where prices increased by 0.8 cpl. Retail diesel prices generally followed lower international diesel benchmark prices, which accounted for the largest component of retail diesel prices.
Petrol sales continue to remain below pre-pandemic levels
The volumes of regular unleaded petrol sales reduced by 2.8 per cent in the June quarter (to 2,196 million litres) and continue to remain below pre-pandemic levels.
"As consumers are increasingly switching from combustion engine vehicles to hybrid and electric vehicles, demand for fuel has reduced. Other factors would also be influencing demand such as working from home arrangements, vehicles becoming more fuel efficient, and changes in driving habits quite possibly due to cost of living pressures," Ms Brakey said.
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.
