Retail Petrol Prices in Australian Cities Decline in March Quarter, but Daily Averages Reach Record High in April

Australia, Finance

Article: According to the Australian Competition and Consumer Commission’s (ACCC) latest quarterly petrol monitoring report, average retail petrol prices across Australia’s five largest cities were lower in the March quarter of 2024.

However, daily average prices increased in April, reaching a new nominal high.

In the March quarter, average petrol prices in Sydney, Melbourne, Brisbane, Adelaide, and Perth fell by 1.

December quarter of 2023.

The largest decrease in quarterly average petrol prices was observed in Perth (-4.

Brisbane prices increased by 1.

Anna Brakey, ACCC Commissioner, highlighted that daily average retail petrol prices across major cities increased following a rise in international refined petrol prices and amid specific petrol price cycles in several cities moving toward their highest points.

On 30 April 2024, the 7-day average retail petrol prices across the five largest cities reached a nominal record high of 215.

Although average retail petrol prices in April 2024 were lower than previous peak levels in real (inflation-adjusted) terms, recent global events and international developments have continued to influence higher Australian retail petrol prices.

Ms.

Brakey urged motorists in the five cities to refer to the commission’s price charts on its website for updates on petrol price cycle movements and opportunities to save on fuel prices.

Furthermore, she encouraged motorists across the country to use fuel price apps and websites to find lower-priced retailers in their area.

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