Some states are reporting the lowest prices seen since March, but a big hit is just around the corner.

For nearly two straight months, the national average capital city price for 95RON premium unleaded petrol has dropped.

At $1.90 per litre, the average is within $0.02 of the lowest point seen on 19 April 2022, and lower than the $1.94 figure of 1 March 2022, before the conflict in Ukraine set global prices soaring.

Victoria, Queensland and South Australia have all reported new low price marks of $1.84, $1.87 and $1.83 per litre respectively.

The relaxing of prices has slowed marginally, with the month of July reporting an overall drop of nine per cent in the average national price of 95RON, compared to six per cent so far in August.

The price of 95RON premium unleaded petrol remains about $0.15 higher than 91RON regular unleaded, although the gap has widened slightly in the past week with Melbourne and Sydney average urban prices showing slight rises.

Diesel has continued to drop however, returning to near-parity of 95RON – down from before, when diesel prices were closer to dearer 98RON unleaded.

 

The reduction in pump prices of fuel is in line with the decline of global crude oil pricing. The market noted a price of $US86.53 last week – the lowest since 1 February 2022.

The $AU0.22 fuel excise cut is still in place (145 days in) but will end on 28 September 2022, just over a month from now.

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