According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol fell by 3.4 cents to 126.7 cents a litre in the past week.  It was the biggest weekly fall in the average petrol price in eight months.

What does it all mean?

In four of the last five weeks, petrol prices have retreated.  Petrol prices may fall another 2-3 cents a litre in the next fortnight but this may be as good as it gets for motorists.  Both the Singapore gasoline price and the local wholesale price have lifted in the latest week.  In Sydney, motorists can still effectively fill up at cost price, but this situation is clearly not sustainable.

What do the figures show?

  • The metropolitan petrol price fell by 4.4 cents to 125.2 cents per litre while the regional price fell by 1.4 cents to 129.7 cents per litre.
  • Average unleaded petrol prices across states and territories over the past week were: Sydney (down by 3.0 cents to 113.6 c/l), Melbourne (down by 3.3 cents to 133.9 c/l), Brisbane (down by 5.6 cents to 131.7 c/l), Adelaide (down by 10.4 cents to 123.8 c/l), Perth (down by 1.8 cents to 126.1 c/l), Darwin (down by 2.5 cents to 133.5 c/l), Canberra (down by 3.9 cents to 134.8 c/l) and Hobart (down by 0.4 cents to 141.7 c/l).
  • The national average Australian price of diesel petrol fell by 0.7 cents to 128.9 cents per litre in the week to April 2. The metropolitan price fell by 1.0 cents to 128.8 c/l, while the regional average price fell by 0.5 cents to 129.0 c/l.
  • The national average wholesale (terminal gate) unleaded petrol price stands at 112.5 cents a litre, up by 1.0 cents a litre over the week. The terminal gate diesel price stands at 110.1 cents a litre, largely unchanged over the previous week.
  • Last week the key Singapore gasoline price rose by US$3.30 or 5.2 per cent to US$66.30 a barrel. In Australian dollar terms the Singapore gasoline price rose by $4.04 a barrel or 4.9 per cent to $86.73 a barrel or 54.55 cents a litre.
  • MotorMouth records the following retail prices for capital cities today: Sydney 112.4c; Melbourne 126.7c; Brisbane 127.8c; Adelaide 118.0c; Perth 116.3c; Canberra 129.6c; Darwin 130.6c; Hobart 141.4c.

Extracted from CommSec Economic Update April 3 2017.

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