Australian motorists are paying more at the petrol bowser thanks to a series of fluctuating overseas pressures, including the Israel-Palestine conflict.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Drivers in the five largest cities of Sydney, Melbourne, Brisbane, Adelaide and Perth have been paying on average 12.7 cents more per litre of fuel between July and September than the preceding three months.
Higher international petrol prices and a lower Australian/US dollar exchange rate were overwhelmingly behind the increase, the Australian Consumer and Competition Commission said.
The increase from an average of 182.9 cents per litre to 195.6 cents means quarterly average petrol prices in the five largest cities are at the highest level on record.
But adjusted for inflation, the increase was smaller than in 2022 or during the Global Financial Crisis.
The average retail petrol prices in Hobart, Canberra and Darwin rose less than the larger capitals, increasing between 10.2 cents and 11.8 cents.
ACCC Deputy Chair Mick Keogh said petrol prices varied across the 190 regional locations the commission monitors, urging motorists to shop around for better deals using fuel comparison apps and websites.
Average retail diesel prices rose for the first time since the December quarter of 2022.
Diesel motorists in the five largest cities have been paying 15.1 cents more per litre in the September quarter thanks to a global shortage of diesel stocks, driven by crude production cuts announced by OPEC, the international body that looks after oil trade.
There was also a shortage of refining capacity around the world, Mr Keogh said.
The ACCC's quarterly petrol monitoring report takes in data following the conflict in the Middle East between Israel and Palestine.
More than 14,000 people in Gaza have died since Israel declared war on Hamas on October 7 after militants crossed the border into Israel, killed more than 1200 people and took more than 200 hostages.
Weekly international crude oil and refined fuel prices began fluctuating after the Middle East conflict began following an initial lift in daily prices on 9 October.
"We will continue to monitor retail fuel prices closely as international crude oil and fuel benchmark prices react to the conflict," Mr Keogh said.
Australian Associated Press
