Petrol prices hit their highest levels since 2015 in the December 2017 quarter and the ACCC is urging motorists to fight back.
The ACCC found that average petrol prices in capital cities across Australia have increased by 12.6 cents per litre in the last December 2017 quarter to 135.1 cents per litre.
“Motorists can fight back against these high prices by using fuel price websites and apps to shop around. Consumers can save significantly by timing their purchases during the price cycle, which encourages retailers to be more competitive,” ACCC Chairman Rod Sims said.
“Retail prices in the larger capital cities can vary by around 25 cents per litre to 30 cents per litre near the time that price cycles are increasing. The ACCC website has information on price cycles in the five largest cities and provides tips on when to buy petrol.”
While international crude oil and refined petrol products were higher in the quarter and the AUD-USD exchange rate was lower a percentage of the increase was due to high gross retail margins.
Gross retail margins on a quarterly and annual basis are the highest on record since 2002.
“Petrol retailers’ margins are the highest they have ever been and motorists are paying for it. Last quarter alone, average gross retail margins in the five largest cities were 14.2 cents per litre, an increase of 3.9 cents per litre from the previous quarter,” Mr Sims said.
“The ACCC accepts that some of the increase in gross retails margins has been due to increased costs; the information we have, however, indicates that this contribution does not explain the bulk of the increase."
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