Retail prices hit a three-year low in the December quarter 2024, according to ACCC research.
According to ACCC commissioner Anna Braker, the decrease in prices was largely driven by lower international prices for refined oil.
“A range of international factors which influence the prices of commodities like crude oil have led to prices at the bowser easing from the higher levels that were seen in early 2024,” ACCC Commissioner Anna Brakey said.
The dip in petrol prices can be seen across capital cities. Across the largest capital cities (Melbourne, Sydney, Brisbane, Adelaide and Perth), prices fell to 178.8 cents per litre (cpl) and Darwin dropped to 168.9 cpl.
A similar trend could be seen across regional locations where they fell in aggregate to 179.5 cpl.
“It is pleasing to see that motorists had some relief when filling up at petrol stations across the country,” Brakey said.
There was also a drop in average diesel prices across all capital cities, reflecting international trends.
Quarterly diesel prices across the largest capital cities were around 177.1 cpl, which is an 8.4 cpl dip from the previous quarter.
The use of fuel price apps is also becoming increasingly popular among Australians, with 41% of Aussies using them to shop around for cheaper fuel, according to research published by Australasian Convenience and Petroleum Marketers Association.
“Taking advantage of the available information through apps and websites can be well worth it to find retailers with lower fuel prices in your area and to save money on fuel,” Brakey said.
The ACCC is also championing greater fuel price transparency across the country and publishing up-to-date information on petrol prices across the five largest capital cities.
“We are aware that the Victorian Government recently announced a price transparency scheme to be phased in over 2025,” Brakey said.
“Victoria is the only jurisdiction in Australia without a state or territory government fuel price transparency scheme.”
