Petrol prices are finally dropping across Australia after sharp spikes in the middle of the year.
Data from the Australian Competition and Consumer Commission’s (ACCC) latest quarterly petrol monitoring report reveals average fuel prices dipped to an annual low of 180 cents per litre in August, 35 cents below this year’s peak back in May.
Average national fuel prices across Australia’s five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) rose 3.3 cents per litre (cpl) to 196.5 cpl between January-March of 2024 and the end of April-July.
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Regional prices were 0.9 cpl higher than the average retail petrol prices across the five largest cities.
The retail average dropped to 183.7 cpl for the month of August, a significant decline.
Sydney residents were hit hardest by Q2 price hikes, with average petrol prices increasing by 5.7 cpl. On the other hand, fuel prices actually decreased in Adelaide by a meagre 0.7 cpl.
Canberra remains the most expensive city in which to buy fuel, with a Q2 average of 205.1 cpl.
The latest ACCC report also includes data for the 2023-24 financial year. The annual average petrol price across the five largest cities was 195.1 cpl, an all-time record.
Adjusted for inflation, it was the highest average since 2013-14.
Diesel prices were down across the five largest cities in the second quarter of 2024, from an average of 195.7 cpl to 194.5 cpl.
Higher retail margins throughout the second quarter of the year were a key contributor to petrol price rises.
The news of dropping petrol prices comes as Australians continue to weather a cost of living crisis in the wake of the COVID pandemic.
