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Aussie petrol prices hit all-time high

BUDGET GENERICS
Consumer comparison site Compare The Market says Australian reached a costly record this week. Picture: NCA NewsWire / Josie Hayden

Petrol prices have hit record highs across major capital cities, with the spike in prices a result of rising wholesale costs, high oil prices and a weak Australian dollar.

The national single-day average price for Unleaded 91 hit $2.17 on Friday, according to new data from Compare The Market.

But the average prices in Melbourne, Brisbane and Adelaide were actually above that record-high mark.

The previous high-water mark price was reached in September last year.

The sky-high price is a daily benchmark, not an across-the-board average for the week or month.

PETROL PRICES
National average Unleaded 91 prices have gone above and beyond the highs of September 2023. Picture: NCA NewsWire/Tertius Pickard

Analysis by Compare The Market shows a spike in the bowser price in Adelaide dragged the national average up into uncharted territory on Friday.

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“On Wednesday, the citywide average in Adelaide was just under $1.92 a litre, but soared to 2.10 by Thursday and up to $2.25 again on Friday,” Compare The Market spokesman Chris Ford said.

Assignment Freelance Picture ACCC petrol price snapshot for the December quarter.
Prices eased during the final three months of 2023. Picture: ACCC

“This spike, along with the high retail prices our other cities are also seeing, are what caused such a dramatic uplift in the national average.”

Perth has a metronomic weekly price cycle. Adelaide’s cycle was relatively less consistent, but Adelaide prices and the national average were expected to drop in the coming days, Mr Ford said.

Oil Tanker Arrives At Dongying Port
The International Energy Agency has found there is weaker world oil demand and slowing demand growth in several economies. Picture: Zhou Guangxue/VCG via Getty Images
Assignment Freelance Picture Department of Climate Change, Energy, the Environment and Water data\n shows Australians are driving less than before the Covid-19 pandemic.
Department of Climate Change, Energy, the Environment and Water data shows Australians are using less petrol than before the Covid-19 pandemic.

“Motorists may see these high prices at fuel stations across the nation and blame the retailers, but there’s a lot more going on behind the scenes,” Mr Ford said.

Some wholesale prices have jumped 14 per cent to $1.88/L, he said.

“We also know that when the Australian dollar loses ground on the US dollar, it can impact prices at the pump.

“Oil prices are also climbing due to conflict in the Middle East. Oil prices aren’t far behind the highs we saw last September, which could be why we’re now seeing those national average retail price records being smashed,” Mr Ford said.

  • Adelaide - $2.25

  • Brisbane - $2.30

  • Melbourne - $2.25

  • Perth - $1.94

  • Sydney - $2.13