Petrol prices at a 13-month low

Petrol prices have dropped to their lowest prices in 13 months across several capital cities.

Following peak prices of up to 230.6 cents in mid-April and early May, petrol prices in all capital cities have dramatically dropped.

At the end of last week, motorists filling up in Sydney were met with the lowest average price of 176.2c per litre.

The cost of a litre of petrol was 181.1 cents in Melbourne, 179 cents in Brisbane, and 179.4 cents in Darwin. Drivers in the nation’s capital paid the highest prices at 192.1 cents per litre.

Brisbane reported the biggest decrease between the current price and the peak costs from April of 51.6 cents, however Sydney (44.2 cents) and Melbourne (43.9 cents) also reported significant shifts.

The difference between current and peak prices in other capital cities was less pronounced.

In Darwin this was 17.1 cents, Adelaide reported 24.8 cents, and prices in Perth remained the most contact with just a shift of 13.8 cents since April.

The current price drops follows the falling price of crude oil. A barrel of oil from Brent Oil has dropped 15 per cent since its recent US$91.17/barrel peak in April 2020, and is currently selling at $US$77.25/barrel.

Prices have fallen by about 20 per cent since last year’s peak in September when prices rose to US$96.55/barrel.

Australian Competition and Consumer Commission (ACCC) commissioner Anna Brakey last week urged motorists to use apps and websites, such as FuelCheck NSW, and programs from state Royal Automobile Clubs, to find the best fuel price.

Ms Brakey also urged consumers to monitor petrol price cycles, with costs in major cities like Sydney, Melbourne and Brisbane taking up to two weeks before they reach a “low point to the highest point”.

“A perception may be that all retailers increase prices at once, but our research shows this isn’t the case. If you see prices going up at one retail site, apps and websites can help to find another that hasn’t yet raised its price,” she said.

“There is also often a range of petrol prices available across retail sites at all points of the petrol price cycle, including large differences at certain points. Motorists have opportunities to use apps and websites to find retail sites with relatively lower prices and save.“

Treasurer Jim Chalmers has previously directed the ACCC to prevent against anti-competitive behaviour such as fixing prices or collusion on prices.

People with evidence of poor behaviour are also urged to contact the watchdog.