Retail petrol: According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol fell by 1.6 cents to 129.9 cents a litre in the week to February 12.

MotorMouth records the following retail prices for capital cities today: Sydney 117.9c; Melbourne 127.6c; Brisbane 128.6c; Adelaide 140.7c; Perth 126.6c; Canberra 139.0c; Darwin 139.9c; Hobart 126.4c.

Petrol prices continue to drift lower, recording the third consecutive week of falls. In fact the national average price has fallen by over 5 cents a litre in the past three weeks. Importantly for motorists, prices are likely to be in a holding pattern around $1.30 a litre in coming weeks.

Motorists should also keep a close watch on the petrol discounting cycle. In Sydney, petrol prices have fallen for 36 consecutive days and pump prices are now holding at or below the (wholesale) terminal gate price. Essentially this is not a sustainable outcome and motorists would be best served filling up before prices spike higher. Melbourne prices have fallen for almost a month, and similar to Brisbane, prices are closer $1.28 a litre. In Adelaide, pump prices fell for more than a month but have spiked higher in recent days, holding closer to 1.40 a litre.

Overseas travellers love Australia. In trend terms, tourist arrivals are up almost 9 per cent on a year ago, although it has eased from the fastest annual pace in 20 years (12.6 per cent, July 2016). Greater China is leading the way in tourism numbers with rolling annual growth rates in recent months around 20 per cent. Interestingly tourists from the US have surged by 17 per cent in the past year. No doubt the weaker Aussie dollar is making Australia a cheaper holiday destination.

More tourists means more spending at retail and services outlets, cafes & restaurants and on transport services. And these extra dollars are, in turn, spent elsewhere in the economy, providing important momentum to the economy.

What do the figures show?

According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol fell by 1.6 cents to 129.9 cents a litre in the past week. The metropolitan petrol price fell by 1.9 cents to 127.5 cents per litre while the regional price fell by 1 cent to 134.7 cents per litre.

Average unleaded petrol prices across states and territories over the past week were: Sydney (down by 0.8 cents to 118.8 c/l), Melbourne (down 3.6 cents to 130.1 c/l), Brisbane (down by 5.5 cents to 131.1 c/l), Adelaide (up by 5.9 cents to 121.6 c/l), Perth (down by 0.2 cents to 132.9 c/l), Darwin (down by 1.7 cents to 142.2 c/l), Canberra (down by 1 cent to 139.7 c/l) and Hobart (down by 0.1 cents to 143.7 c/l).

The national average Australian price of diesel petrol was down by 0.1 cents to 130.8 cents per litre in the week to February 12. The metropolitan price fell by 0.2 cents to 131.0 c/l, while the regional average price fell by 0.2 cents to 130.6 c/l.

The national average wholesale (terminal gate) unleaded petrol price stands at 118.60 cents a litre, down by 0.4 cents a litre over the week. The terminal gate diesel price stands at 115.6 cents a litre, up by 0.3 cents a litre over the previous week.

Last week the key Singapore gasoline price rose by US$1 or 1.4 per cent to US$71.65 a barrel. In Australian dollar terms the Singapore gasoline price rose by $1.40 a barrel or 1.5 per cent to $93.72 a barrel or 58.9 cents a litre.

MotorMouth records the following retail prices for capital cities today: Sydney 117.9c; Melbourne 127.6c; Brisbane 128.6c; Adelaide 140.7c; Perth 126.6c; Canberra 139.0c; Darwin 139.9c; Hobart 126.4c.

Extracted from The Bull.

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