The shocking truth about petrol prices

If you think petrol prices seem to be in a constant spiral, you couldn't be further from the truth.

Average retail petrol prices in 2020-21 in Australia’s five largest cities were the lowest in 22 years in real inflation adjusted terms, according to the ACCC’s latest petrol monitoring report.

Annual average retail prices in 2020-21 in Sydney, Melbourne, Brisbane, Adelaide and Perth were 129.7 cents per litre (cpl), a decrease of 4.9 cpl from 2019-20 (134.6 cpl). In real terms, the last time annual average retail prices were lower than this was in 1998-99 when they were 115.0 cpl.

“Low average petrol prices in the last financial year have come after prices reached record lows around the onset of the COVID-19 pandemic,” ACCC Chair Rod Sims said.

In 2020-21, taxes were the largest component of the price of petrol in the 5 largest cities, and greater than the cost of refined petrol. Taxes accounted for 42 per cent of the price, while the international price of refined petrol accounted for 39 per cent.

“The pandemic has had an enormous impact on demand for petrol in Australia, going back to March last year and this has influenced retail prices and gross retail margins,” Mr Sims said.

Have you noticed cheaper fuel prices in your area? Are you shocked to learn how much of the petrol prices are made up of taxes?

8 comments

I use Fuel Check https://fuelcheck.nsw.gov.au/app/FuelPrice 

Yesterday the petrol varied between $143.9 to $157.9 p/l

which as you can see makes a substantial difference on a tank of petrol over a period of time.

I use my eyes while driving to check prices, and I know which brands are usually cheapest, also taking discount coupons into account. I bought for $1.29.5 a couple of days ago while most were selling 10-20c above that. In SA usual cheapest are X Convenience, Woolworths Caltex (or Ampol sometimes), United, On The Run, Liberty (if you tolerate E10), with Shell generally dearest.

 

The international per barrel prices up to about 40 years ago were often much higher than what they are today   See here https://www.macrotrends.net/1369/crude-oil-price-history-chart.

So we are being ripped off in a massive way 

 

I rest my case !!

Prices shot to 50c per litre in the mid-1980s, beyond 70c in the 1990s and the $1 mark was breached not long after.  

https://www.drive.com.au/news/friday-flashback-fuel-prices-change-forever-20130816-2s0sm/

Because fuel is often the largest single purchase many people make each week, the price is one they are painfully aware of. seniordriveraus tracked the price of fuel over a three month period and could discover absolutely no correlation between the price of crude oil or the value of the Australian dollar. The only constant was an increase before public holidays when more people would be driving. Read more here

The 4c/ltr discount at the big steal fuel outlets  is a joke, I can always get a better price at the independent servos without the discount. It is nearly always the same product as well.

The weekly fluctuation in price is a joke, if it happened anywhere else, like USA and Europe to the same extent as here there would be riots.

We Aussies are dumb ar**es to put up with this immoral conduct.

The best way to save on fuel is, as BillW41 else said, your eyes, The fuel watch apps etc are not much good if the show prices cheaper at a big distance from where you are anyway.

The next best way to save money on fuel is NEVER, EVER use E10, it is false economy because the price difference is too small and you use more fuel for the same distance traveled, It is also hydroscopic and if you are not using a lot of fuel it absorbs water and causes rust and water build up in the tank. It has killed a few cars with expensive repairs.

E10 means up to 10% ethanol, whoop de do, does nothing for pollution any way because you use more fuel, Watch the greenies follow up on this.

With COVID, cars are sitting around more and it will certainly do damage.

It is always better to use the most expensive fuel you can afford if only doing short trips, its better for your car and you will use less fuel in the long run.

You're right about E10. Tests a while back proved there is no advantage to it because of worse consumption and less power, apart from what it does to older engine parts. Rubbers especially. However, I find 4c coupons are worthwhile. Where Caltex/Ampol (Woolworths), X Convenience Mobil (Drake Foodland) and Coles Express (Shell) prices are within 4c per litre of each other or in line with non-coupon brands, you will gain a bit of extra reduction. That $1.29.5 I paid the other day was reducible by a further 4c to $1.25.5.

Here in Tasmania, our current fuel price, as at 16th September is 158.9 cents/litre. The variation  from one place to another would be around 1 (one ) cent. Around a year ago, it was 156.9/litre, which was the price over the whole state.then dropped suddenly to 126.9 After quite a few months, it  suddenly jumped to 133, then 144, then 148, 152  and now 159.9.  I agree with Oxleigh about E10.  You do seem to use more. I only used it once , never again, waste of money .

Agree re E10 Oxleigh and FrankC.

Regional seniors travel card provides eligible seniors living in regional, rural and remote areas of NSW with a $250 prepaid card to help ease the cost of travel.

You can use the card at certain retailers to pay for pre-booked NSW Trainlink Regional trains and coaches, fuel and taxis.

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