The quarterly average for retail petrol prices across Australia fell in the December 2024 quarter and, according to the Australian Competition and Consumer Commission (ACCC), hit a three-year low in real (inflation adjusted) terms.
Average petrol prices across Australia’s five largest cities – Sydney, Melbourne, Brisbane, Adelaide and Perth – stood at 179.8 cents per litre (cpl), which is a 3.0 cpl decrease from the previous quarter.
The lowering of international prices for refined petrol and slowing global oil demand have been attributed to the lowering petrol price.
Darwin saw the lowest petrol prices of Australia’s eight capital cities at 168.9 cpl, while Brisbane saw the highest average price of 186.4.
The average retail cost of petrol across 190 assessed regional locations was lower than that of Australia’s five largest cities. The five per cent reduction in regional fuel prices placed its December quarterly average cost at 179.5 cpl.
Wholesale prices also dropped from 167.2 cpl to 162.6 cpl.
Quarterly trends in diesel prices matched the petrol pricing trend and dropped 8.4 per cent in Australia’s five largest cities across the December quarter.
The average price of 177.1 cpl followed lower international diesel benchmark prices, which accounted for the largest component of retail diesel prices.
Darwin was once again lowest cost capital city to fill up, with diesel costing an average of 171.0 cpl over the quarter. Hobart’s price of 182.8 cpl was the highest of the capital cities.
“A range of international factors which influence the prices of commodities like crude oil have led to prices at the bowser easing from the higher levels that were seen in early 2024,” ACCC Commissioner Anna Brakey says.
“It is pleasing to see that motorists had some relief when filling up at petrol stations across the country.”
The ACCC also noted Victoria’s ongoing attempts to introduce a fuel price transparency scheme to be rolled out across 2025 and beyond.
“We are aware the Victorian government recently announced a price transparency scheme to be phased in over 2025,” Brakey says. “Victoria is the only jurisdiction in Australia without a state or territory government fuel price transparency scheme.”
The ACCC has been monitoring retail prices in all capital cities and over 190 regional locations across Australia since 2007. A new direction was issued by the Treasurer in 2022 for it to monitor the prices, costs and profits related to the supply of petroleum products in Australia and produce a report every quarter.
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