Australia’s average petrol price has hit a record high, peaking at 211.2 cents per litre on October 1.
A report from the Australian Institute of Petroleum shows petrol prices have continued to fluctuate over the last 12 months, but have been trending upward over the past four months.
Based on figures from the AIP from the week ending October 8, there could be some relief for drivers on the horizon as the average petrol price nationwide dropped to 208.5 cents per litre.
Drivers in the Northern Territory were paying the most during the week ending October 8, with an average price of 246c/L. But Queenslanders also felt the pain at the pump, with an average price of 221.3c/L.
The Australian Automobile Association reports in the second quarter of 2023, households spent an average of $95.33 per week on fuel. Fuel accounts for 23 per cent of weekly transport costs for households. Other costs include tolls, car insurance and finance repayments.
According to the International Energy Agency’s oil report for September 2023, global oil demand is predicted to increase by 2.2 millions of barrels per day for 2023.
Based on the report, the cuts in oil from major exporters Saudi Arabia and Russia alongside an increase in demand for jet fuel, petrochemical feedstocks and an increase in China’s consumption of oil, could result in higher petrol prices in Australia.
Per the Australian Government’s Energy Commodity Resources report of 2022, Australia produces its own crude oil on the North West Shelf in Western Australia, however it’s understood a majority of this is exported. Australia still has two oil refineries, but the vast majority of our fuel is imported.
The best way to ensure you’re paying the lowest price at the bowser is to do your research.
Some state governments offer mobile phone apps to help you locate low-cost fuel, including Western Australia’s Fuel Watch, New South Wales’ Fuel Check, and the Northern Territory’s MyFuelNT.
Third-party apps like Petrol Spy also reflect petrol prices across most major cities.