The monitoring of petrol prices across the nation by the Australian Competition and Consumer Commission (ACCC) found a significant fall at the end of last year, taking prices to their lowest level since mid-2017.
The ACCC’s December quarter 2018 petrol monitoring report on petrol prices in Australia’s five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) shows that daily average prices peaked at 10-year highs of 159.9 cents per litre in late-October 2018, before dramatically falling by more than 40c to 119.2 by the end of 2018.
Chair of ACCC, Rod Sims said lower international crude oil and refined petrol prices were the main reason for the decrease.
“Crude oil prices fell significantly during November and December 2018, due to concerns over a global trade war, with worries that it would reduce economic activity and subsequently demand for crude oil,” Mr Sims said.
“Compounding this was increased United States’ shale oil production, which boosted global oil supplies and helped offset the impact of the Organisation of Petroleum Exporting Countries cartel’s crude oil production cuts.”
He said petrol prices dropping so dramatically in time for the end of year holidays was great news for motorists.
“Petrol prices did not fall by as much in the smaller capital cities of Canberra, Hobart and Darwin, nor in many regional locations during the quarter,” Mr Sims said.
“However, prices continued to fall further in almost all regional locations monitored by the ACCC in January.
“We will monitor prices closely in our smaller cities and regional areas and highlight where prices do not reflect the large fall in crude oil prices.”
The ACCC’s 67-page report can be accessed at this PS News link.
