Global pressures blamed for petrol price record

The competition regulator says global factors caused Australia's petrol price to climb to a new high last financial year.

The Australian Competition and Consumer Commission's (ACCC) says fuel prices in capital cities jumped to a yearly average of 143 cents per litre in 2011-12.

Regional petrol prices were on average up to six cents a litre higher than in the capital cities.

ACCC commissioner Joe Dimasi says Australia's petrol prices are in line with global prices and are still among the lowest in the OECD.

Australia has some of the lowest fuel taxes in developed world with only Canada, the United States and Mexico having lower taxes.

"These are the highest prices that we have seen for the year as a whole and I think you can say that for the world generally," he said.

Mr Dimasi said unrest in oil-producing Middle East and Libya was one of the reasons for the price rise.

"The uncertainty and volatility in the Middle East kept prices high, but also we are moving to more costly sources of oil," he said.

"For example, the shale oil that we see in the US and the deepwater oil that's being extracted, those costs keep pushing the prices up right around the world." The report found that over the past decade, the average retail price - excluding taxes and subsidies - had risen by around 120 per cent.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9327-0.0005-0.05%
    AUDUSD=X
    0.5555-0.0003-0.05%
    AUDGBP=X
    0.6753-0.0003-0.05%
    AUDEUR=X
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