• According to the ACCC, gasoline prices (both international refined and average retail) reached their highest level in eight years, which cited Russia’s invasion of Ukraine and the refusal of l ‘OPEC to increase crude oil production
• The ACCC reports that daily average petrol prices in Sydney, Melbourne, Brisbane, Adelaide and Perth reached 182.4 cents per liter (cpl) at the end of February 2022, which was the (actual) level adjusted for highest inflation since 2014.
• The last time prices in Australia were as high as they were at the end of February was in January 2014, when strong international demand, conflicts in the Middle East and Ukraine and a falling exchange rate AUD/USD pushed real daily average gasoline prices to 182.7. plc
• Quarterly average gasoline prices in the five largest cities were 162.8 cpl in the December 2021 quarter, an increase of 10.3 cpl from the September 2021 quarter (152.5 cpl)
• Adelaide had the lowest average retail prices of any capital city at 157.9 cpl, recording the third consecutive quarter in which Adelaide had the cheapest petrol in the December 2021 quarter

Gasoline prices (both international refined and retail average) are at their highest level in eight years, according to the ACCC, which cited Russia’s invasion of Ukraine and the refusal of the to Increase Crude Oil Production.

The ACCC revealed that average daily petrol prices in Sydney, Melbourne, Brisbane, Adelaide and Perth reached 182.4 cents per liter (cpl) at the end of February 2022, which was the (actual) level adjusted for highest inflation since 2014.

Prices rose further in the first two weeks of March, reaching over $2 per litre.

The last time prices in Australia were as high as they were at the end of February was in January 2014, when strong international demand, conflicts in the Middle East and Ukraine and a falling exchange rate AUD/USD pushed real daily average gasoline prices to 182.7 cpl. .

“The world was already experiencing high crude oil prices late last year due to continued actions by OPEC and the Russian cartel, and the ongoing Northern Hemisphere energy crisis,” the president said. from the ACCC, Rod Sims.

“The shocking events in Ukraine have pushed crude oil prices even higher, as Russia is a major oil supplier.

“Retail gasoline prices in Australia are largely determined by international refined gasoline prices and the exchange rate between the Australian dollar and the US dollar.

“As refined gasoline is made from crude oil, movements in the world price of crude oil determine the international price of refined gasoline.”

The report looks at the December 2021 quarter, but provides additional data and analysis through the end of February 2022 due to the steep price increases so far this year.

Quarterly average gasoline prices in the five largest cities were 162.8 cpl in the December 2021 quarter, an increase of 10.3 cpl from the September 2021 quarter (152.5 cpl).

In the December 2021 quarter, Mogas 95 and taxes together accounted for 86% of the average gasoline price. The 10.3 cpl jump in average retail gasoline prices in the five largest cities between the September and December 2021 quarters was mainly due to the more expensive Mogas 95.

“It’s tempting to point fingers at gasoline retailers when prices are sky high, but our data shows that at the end of last year, 86 cents of every dollar consumers spent at the Bowser was out of control. retailers,” Sims said.

“We will continue to closely monitor local retail price movements to see if they reflect international prices.”

Adelaide had the lowest average retail prices of any capital city at 157.9 cpl, recording the third consecutive quarter in which Adelaide had the cheapest petrol in the December 2021 quarter.

The report cited the introduction of South Australia’s fuel pricing system in March 2021 having a positive impact on Adelaide’s prices.

The average price increase to the peak of the city’s price cycle was 24.8 cpl in the nine months following the start of the program, compared to an average increase of 34.8 cpl in the previous nine months. At the end of 2021, however, the last three increases in the price cycle in Adelaide were each over 30 cpl.

“We strongly encourage motorists in all states to use one of the many apps and websites available that provide real-time fuel price information,” Sims said.

“There can be wide variations in price between different retailers and different suburbs, and 30 seconds of research before getting in your car can result in significant savings.”

There was a 21% increase in the volume of petrol purchased at retail sites across Australia between the September and December 2021 quarters. This was due to the easing of COVID-19 restrictions in some States, especially New South Wales and Victoria.

The ACCC estimates gasoline prices will rise through March 2022.