Petrol prices reach an historical high: ACCC

Weak dollar prevents Australians from saving money at the pump

A weak Australian dollar has resulted in motorists paying an historically high price for petrol, a report conducted by the Australian Competition and Consumer Commission (ACCC) has found.

Australians paid on average 150.6 cents per litre for petrol; the third highest average price on record, said ACCC chairman Rod Sims.

The findings were collated in the ACCC’s Monitoring of the Australian petroleum industry 2014 report, which examined the prices, costs and profits of unleaded petrol between July 2013 and June 2014.

The average price of petrol rose by 9.3 cents per litre, the report found, compared to the same period a year earlier.

The international price of petrol actually dropped “by around 20 cents per litre since July 2014”; however, chairman Sims said the weak performance of the dollar prevented petrol savings from being passed onto Australians.

“In 2013-2014 the Australian dollar failed to protect motorists from high international petrol prices. A lower AUD-USD exchange rate in 2013-2014 drove the price higher for motorists at the bowser.

“If the annual average exchange rate in 2013-2014 had been at the same level as in 2012–2013, retail petrol prices would have been around 10 cents per litre lower.”

Australian taxes on petrol — which stand at 34 per cent — were found to be among the lowest in the developed world. Petrol’s tax rate has been steadily diminishing over the last 15 years, surmised the report.

Net profits for the total downstream petroleum industry during 2013-2014 were up 46 per cent compared to the year prior at $1.16 billion. The retail sector turned net profits of $495 million across all products and services, which was a decrease of 10 per cent compared to the year prior.

The ACCC’s <i>Monitoring of the Australian petroleum industry 2014</i> report covered Australia’s five largest cities, which include Sydney, Melbourne, Brisbane, Adelaide and Perth.

The ACCC has since re-lauched the petrol price cycle page on its website, which provides insights into daily average petrol prices over the last 45 days and customer buying tips.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags accccarspetrol

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.
Tony Ibrahim

Tony Ibrahim

Good Gear Guide

@slicktonyi

Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?