Average retail petrol prices were lower in the March quarter but reached a nominal high in April
12 June 2024
Retail petrol prices across Australia’s five largest cities were lower in the March quarter 2024, but daily average prices increased in April to a new nominal high, according to the ACCC’s latest quarterly petrol monitoring report.
Click to enlargeIn the March quarter 2024, average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 193.2 cents per litre (cpl). This was a decrease of 1.7 cpl from the December quarter 2023 (194.9 cpl).
Among the five largest cities, quarterly average petrol prices decreased the most in Perth (by 4.1 cpl), with average Brisbane prices increasing by 1.4 cpl. Brisbane’s average retail petrol prices were the highest of the 5 largest cities (200.0 cpl).
“Daily average retail petrol prices increased across the five major cities in April following increases in international refined petrol prices and as petrol price cycles in several cities moved towards the highest point of the cycles,” ACCC Commissioner Anna Brakey said.
On 30 April 2024, 7-day average retail petrol prices across the five largest cities moved to a record high in nominal terms, of 215.2 cpl. The following chart shows 7-day rolling average retail petrol prices in real terms, adjusted for inflation over the past 20 years.
Seven-day rolling average retail petrol prices across the five largest cities in real terms: 1 April 2004 to 30 April 2024 – cents per litre (cpl)
Source: ACCC calculations based on data from FUELtrac, Informed Sources, and Australian Bureau of Statistics, 6401.0 Consumer Price Index, Australia, March 2024
, Tables 1 and 2. CPI: All Groups, Index Numbers and Percentage Changes, accessed on 21 May 2024.
Notes: Real prices are adjusted for March quarter 2024 dollars.
A 7-day rolling average price is the average of the current day’s price and prices on the 6 previous days.
While average retail petrol prices in April 2024 were below the highest price levels seen in the past in real (inflation adjusted) terms, the effects of recent international factors and geo-political events on benchmark prices continued to influence relatively high Australian retail petrol prices.
“We encourage motorists in the five largest cities to refer to our price charts on the ACCC website to keep up to date with petrol price cycle movements and opportunities they present to fill up at lower prices. Motorists around the country can make use of the many fuel price apps and websites to find lower priced retailers in their area,” Ms Brakey said.
Average retail diesel prices decreased by more than 10 cents per litre in all capital cities
Quarterly average retail diesel prices in the five largest cities were 195.7 cpl in the March quarter 2024, a decrease of 12.3 cpl from the December quarter 2023 (208.0 cpl).
“Lower average international refined diesel benchmark prices compared with the previous quarter led to a drop of more than 10 cents per litre in the quarterly average retail diesel prices in each of the capital cities,” Ms Brakey said.
Quarterly average retail diesel prices in the capital cities: March quarter 2024 – cents per litre (cpl)
