TAccording to the Australian Competition and Consumer Commission (ACCC), the average retail price of petrol in Australia’s five largest cities fell by 10.3 cents per litre.
It said the price of petrol fell for the first time in the third quarter of the year in almost two years, with the second quarter average falling from 177.7 cents per liter to 167.4 cents per litre.
According to the ACCC, this reflects a 34% drop in international petrol prices, weak global demand, and fears of a global recession.
This is despite full fuel excise refunds due on September 29, 2022 – although this is likely to be reflected in the fourth quarter report, as the excise applies to wholesale fuel, which feeds into retail prices after a period of time. .
This week, the Australian Institute of Petroleum reported that the national metropolitan average for unleaded petrol was 171.9 cents, up from 161.1 cents in the week before the fuel excise cut was removed.
The cut was due to the Russian invasion of Ukraine in early 2022, with higher fuel prices during March leading to a six-month cut of 21.1 cents.
It’s not good news for diesel though. While petrol has fallen, average diesel prices at Bowser are significantly higher than average petrol prices in Australia’s five largest cities.
This is due to the full restoration of fuel excise, the increase in wholesale diesel prices, its extensive use in industrial activities and power generation, and stockpiling for the high demand for heating during the Northern Hemisphere winter.
In the six weeks following the excise reinstatement, average diesel prices in capital cities rose by between 29.0 cpl (in Hobart) and 37.6 cpl (in Perth), while regionally the average increase was around 32 cpl.
Fuel Pump Bowser
Following the restoration of full fuel excise, the ACCC says it has spoken to industry, state and territory governments, and consumers to gauge its expectations about price increases, which it has monitored for six weeks. of
The monitoring showed that petrol prices have increased, but “below the 25.3 cpl expected from the excise recovery” in metropolitan areas.
However, the ACCC said 18 regional locations saw price increases of more than 25.3 cpl, with further investigations underway in these areas.
The ACCC commissioner said, “We have looked at the impact of the excise restoration, and, allowing for international price movements and price cycles in major cities, we have seen unexpected changes in average retail petrol prices. “Only a small number of increases have been observed,” said the ACCC commissioner. , McCogue.
It has also called on the Victorian Government to implement a fuel price transparency scheme, following the ACT’s move to implement a NSW fuel price transparency scheme in early November.
“This is welcome news for motorists in the ACT, who can now access real-time and comprehensive fuel price information through the NSW FuelCheck app and website,” Keogh added.