Recent data from the Australian Competition and Consumer Commission (ACCC) suggests that Australia's fuel price crisis may be easing, with petrol prices dropping across the country after sharp spikes earlier in the year. This development brings some relief to consumers amidst ongoing cost of living pressures.
Recent ACCC data reveals that average fuel prices hit an annual low of 180 cents per litre in August 2024, 35 cents below the peak price recorded in May 2024. The national average in the five largest cities rose 3.3 cents per litre to 196.5 cpl between January-March and April-July 2024, with regional prices 0.9 cpl higher. Sydney saw the largest increase of 5.7 cpl in Q2, while Adelaide experienced a slight decrease of 0.7 cpl. Canberra remains the most expensive city for fuel at 205.1 cpl in Q2.
The 2023-24 financial year saw a record average of 195.1 cpl across the five largest cities, the highest inflation-adjusted average since 2013-14. Diesel prices decreased from 195.7 cpl to 194.5 cpl in Q2 2024 across the five largest cities. Higher retail margins in Q2 2024 contributed to price rises.
While the recent drop in fuel prices is encouraging, it's important to note that prices remain historically high. Consumers should continue to monitor prices and shop around for the best deals as the market remains volatile.
