The quarterly average for retail petrol prices decreased in the December quarter 2024, hitting a three-year low in real (inflation adjusted) terms, the ACCC's latest petrol monitoring report has found.
Click to enlargeAverage retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 179.8 cents per litre (cpl), a decrease of 3.0 cpl from the previous quarter.
The decrease was largely due to lower international prices for refined petrol (Mogas 95). Mogas 95 prices are largely driven by international crude oil prices, which declined following slowing global oil demand together with increases in oil supply from Organisation of the Petroleum Exporting Countries (OPEC) members and some non-OPEC countries.
"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," ACCC Commissioner Anna Brakey said.
Lower average petrol prices in other capital cities and in regional locations
Average retail petrol prices in Canberra, Hobart and Darwin also fell in the December quarter 2024. 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 2024, slightly below the average prices across the five largest cities. The ACCC monitors fuel prices of more than 190 regional locations across Australia.
"It is pleasing to see that motorists had some relief when filling up at petrol stations across the country," Ms Brakey said.
Average petrol gross indicative retail differences increased
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 2024, 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.
The following chart shows the changes in the components of average retail petrol prices across the five largest cities.
Components of quarterly average retail petrol prices across the five largest cities
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.
* Excise and wholesale goods and services tax (65.4 cpl) excludes a component of retail goods and services tax (1.5 cpl) in the above chart. This is for consistency in reporting gross indicative retail difference figures throughout this report, which include a small component of goods and services tax. Total excise and goods and services tax for both wholesale and retail (66.9 cpl) is shown in the petrol bowser in the 'December quarter 2024 - Petrol snapshot'.
Average diesel prices were lower in all capital cities, reflecting international trends
Quarterly average retail diesel prices across the five largest cities were 177.1 cpl in the December quarter 2024, down 8.4 cpl from the September quarter 2024. Average retail diesel prices were also lower in Canberra, Hobart and Darwin.
Retail diesel prices generally followed lower international diesel benchmark prices, which accounted for the largest component of retail diesel prices.
Quarterly average retail diesel prices in capital cities in the December quarter 2024
Source: ACCC calculations based on data from Informed Sources.
Note:
cents per litre change from the previous quarter.
More consumers are using fuel price apps
Around two in five consumers (or 41 per cent) reported using fuel price apps to shop around for cheaper fuel in 2024, according to research published by the Australasian Convenience and Petroleum Marketers Association. This was up from 34 per cent in 2022.
"Taking advantage of the available information through apps and websites can be well worth it to find retailers with lower fuel prices in your area and to save money on fuel," 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.
The ACCC has championed greater fuel price transparency for consumers for some time.
"We are aware that the Victorian Government recently announced a price transparency scheme to be phased in over 2025. Victoria is the only jurisdiction in Australia without a state or territory government fuel price transparency scheme," Ms Brakey said.
Note
'Petrol' means regular unleaded petrol unless otherwise specified.
Price changes are reported in nominal terms 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.
