As the cost of living continues to be a hot topic the recent drop in petrol prices across five major cities comes as a welcome reprieve. According to the Australian Competition and Consumer Commission (ACCC), retail petrol prices have sunk to their lowest levels in three years, offering a bit of financial breathing room for motorists.
The downward trend in petrol prices is a stark contrast to the record highs experienced in the June 2022 quarter, where the average peaked at 208 cents per litre following geopolitical tensions, including Russia’s invasion of Ukraine.
ACCC commissioner Anna Brakey expressed satisfaction at the relief motorists have received at petrol stations, attributing the decline to several factors. Lower international petrol prices, influenced by decreased demand from major economies such as China, Europe, and the United States, and increased supply have played a significant role.
Additionally, geopolitical events and central banks’ interest rate hikes have contributed to cooling down demand.
Domestically, factors such as the Australian dollar’s performance against the US dollar, excise, wholesale goods and services tax, and other wholesale and retail costs and margins have also impacted prices.
The ACCC’s latest petrol monitoring report has revealed a significant decrease in average prices for unleaded petrol in Sydney, Melbourne, Brisbane, Adelaide, and Perth. The December quarter showed an average of 179.8 cents per litre, a notable dip from the 182.8 cents recorded in the September quarter.
This drop in prices is the most substantial since the September quarter of 2021 when real average prices were at 178.2 cents per litre.
Darwin experienced the most dramatic fall, with prices plummeting by 7.5 cents per litre to 168.9, while Perth and Canberra both saw a decrease of 6.9 cents per litre, to 172.2 and 183.8, respectively.
Melbourne’s average price settled at 181.1 cents per litre, Brisbane at 186.4 cents, Adelaide at 175.9 cents, and Hobart at 178.2 cents. Sydney, on the other hand, saw the smallest reduction, with a modest fall of 1.1 cents per litre to 182.2.
Meanwhile, Victoria and South Australia are enjoying the cheapest rates at 179 cents per litre, while the Northern Territory faces the highest prices at 218 cents per litre.
Moreover, savvy motorists are increasingly turning to fuel apps to find the best deals. The Australasian Convenience and Petroleum Marketers Association reported that last year, two in five customers, or 41 per cent, used fuel apps to shop around for the cheapest petrol.
By monitoring fuel prices through reliable sources and utilising technology like fuel apps, you can stretch your dollars further and navigate the fluctuating landscape of petrol costs with greater ease.
We’d love to hear from you, our YourLifeChoices readers, about your experiences with fuel prices and any tips you might have for saving at the pump. Do you have a favourite app or method for tracking the best petrol deals? Share your thoughts and strategies in the comments below.
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Floriana you arre months out if date currently most prices in greater Brisbane are over $2.05
That may be so, but the prices quoted are for the December & September quarters, and don’t reflect the current prices.
Current fuel in Wagga starts @ $1.679 to over $1.859 per litre. The biggest difference is an independent retailer compared to the major brands. I always keep an eye on the prices, as I’m on the very meagre single Age Pension and have to save what I can, where I can, and this includes fuel. I use Fuel Maps Australia to keep an eye on the prices.
These figures don’t reflect the current pricing.
Today here prices are 184.7 to 199.9/L. A few days ago they were anywhere from 195.9 to 218.9.
Go figure!!
Which part of :-
“The ACCC’s latest petrol monitoring report has revealed a significant decrease in average prices for unleaded petrol in Sydney, Melbourne, Brisbane, Adelaide, and Perth. The December quarter showed an average of 179.8 cents per litre, a notable dip from the 182.8 cents recorded in the September quarter.”
Don’t some readers understand, The prices quoted are NOT Realtime Up to Date Prices, As those can Vary significantly from Day to Day.
The Prices are only for ULP, and does NOT cover All types of Fuels !!