Retail petrol prices in Australia have reached their lowest point in three years, as reported by the Australian Competition and Consumer Commission (ACCC). The latest petrol monitoring report revealed that the average price for unleaded petrol in major cities, including Sydney, Melbourne, Brisbane, Adelaide, and Perth, fell to 179.8 cents per litre in the December quarter, a decrease from 182.8 cents in the preceding quarter.
Darwin witnessed the most significant drop, with prices falling 7.5 cents to 168.9 cents per litre. Other notable drops included Perth, which saw a decrease of 6.9 cents to 172.2 cents, and Canberra, which also dropped by 6.9 cents to 183.8 cents. In contrast, Sydney recorded the smallest decline at just 1.1 cents, bringing the average price to 182.2 cents per litre.
These average prices represent the lowest level since the September quarter of 2021, when the average was 178.2 cents. ACCC commissioner Anna Brakey expressed satisfaction at the relief provided to motorists across the country.
The decline in petrol prices has been attributed to falling international petrol prices, driven by reduced demand from economies like China, Europe, and the United States, alongside an increase in supply. Additionally, geopolitical events such as the Ukraine conflict and rising interest rates from central banks have contributed to dampening demand.
Current data reflects that petrol prices in Australia average 169 cents per litre. Prices are lowest in Victoria and South Australia at 179 cents per litre, while the Northern Territory houses the highest at 218 cents. These changes are also influenced by a weaker Australian dollar against the US dollar, along with excise duties, wholesale taxes, and retail costs.
Interestingly, a growing number of motorists are turning to fuel comparison apps to ensure they are getting the best deals. According to the Australasian Convenience and Petroleum Marketers Association, 41 per cent of customers utilised these apps last year to find competitive petrol prices.
Overall, the current landscape of petrol pricing in Australia indicates a positive trend for consumers, providing much-needed relief at the pump amid a backdrop of international market fluctuations and economic changes.