Brittany Vonow, 24 November 2015

PETROL prices have increased by almost 50 per cent in the past 15 years with warnings motorists in the five largest cities are being taken advantage of.

The huge increase in petrol prices was unearthed in an Australian Competition and Consumer Commission report released yesterday, with the report finding more needed to be done to help motorists shop around for the best price.

ACCC chairman Rod Sims said the study also revealed Brisbane motorists could be paying more than necessary.

“We did notice that Brisbane prices seem to be at the high end of the average which is interesting,” he said.

“Motorists there do seem to be paying a little bit more than the mainland cities.”

Across the five largest cities — Sydney, Melbourne, Brisbane, Adelaide and Perth — the average cost per litre was 134.1 cents — up from 91 cents in 2000.

The gap between the retail and wholesale price of petrol has also increased with the Terminal Gate Price revealed to have increased from 96.9 cents in 2000 to 125.5 centres per litre.

Mr Sims said it was important to constantly monitor the petrol prices across Australia.

“If those numbers look like they are getting out of kilter, it’s important to put on some moral pressure in the short term and in the longer term there needs to be more competition, new players in the market,” he said.

Mr Sims said more needed to be done to help support motorists get the best deal when it came to petrol prices, with the report encouraging regular publication of the difference between wholesale and retail prices, along with benchmarking against other locations.

The report further recommended providing current retail prices to motorists to help them shop around and regular reporting on market concentration.

With the quarterly petrol report to be released later this year, Mr Sims said more information was set to be released to motorists to make sure they were fully informed when it came to petrol prices.

Extracted in full from the Courier Mail.