AUSTRALIA | The quarterly average for retail petrol prices decreased in December 2024, hitting a three-year low in real terms.
The ACCC’s latest petrol monitoring report has found that average prices across the five largest cities decreased by 3.3 cpl in the quarter, reflecting higher gross indicative retail differences and other wholesale costs and margins.
Average 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 due to lower international prices for refined petrol (Mogas 95), driven by international crude oil prices. These prices declined following slowing global oil demand and increased 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 seen in early 2024,” said ACCC Commissioner Anna Brakey.
Average retail petrol prices in Canberra, Hobart and Darwin also fell in the December quarter of 2024. Average prices in Darwin were 168.9 cpl, the lowest of the eight capital cities.
Gross indicative retail differences were a broad indicator of gross retail margins, including retail operating costs and profits. In the December quarter of 2024, the average gross indicative retail difference across the five largest cities was 17.2 cpl, 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, slightly higher than pre-pandemic levels in real (inflation-adjusted) terms.
The average retail diesel price across the five largest cities was 177.1 cpl in the December quarter of 2024, down 8.4 cpl from September 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 most significant component of retail diesel prices.
In real (inflation-adjusted) terms, quarterly average retail diesel prices across the five largest cities were the lowest in over three years, when average diesel prices were 172.4 cpl in the September quarter of 2021.
According to research published by the Australasian Convenience and Petroleum Marketers Association, in 2024, two in five consumers reported using fuel price apps to shop for cheaper fuel, up from 34 percent 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.”
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.”
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