Petrol prices stable to March, but now hitting four-year highs | ACCC

Drivers feeling the pinch of high petrol prices should use price cycle information and fuel price websites and apps to shop around, as petrol prices in some cities reached their highest levels in almost four years in May.

Average petrol prices in Australia’s five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) remained broadly stable in the March quarter 2018, according to the ACCC’s latest quarterly petrol report, released today.

However since April, growing concerns about risks to global crude oil supplies have caused international oil prices, and local retail petrol prices, to jump dramatically, peaking in May.

“Consumers have recently been paying around $1.60 for petrol. These prices are higher than any time since mid-2014 in some cities,” ACCC Chairman Rod Sims said.

“Unfortunately, the international factors pushing up wholesale petrol prices mean that these higher prices are being passed on to Australian motorists at the petrol bowser.”

The ACCC reports the increase in retail petrol prices since the March quarter 2018 has been influenced by a number of factors, including the agreements in late-2016 by the Organisation of Petroleum Exporting Countries (OPEC) cartel and some other producing countries to cut crude oil production.

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Petrol prices stable to March, but now hitting four-year highs | ACCC.