Australia’s most costly city to buy petrol is Brisbane, analysis by the National Roads and Motorists’ Association (NRMA) shows.
However, the cheapest city to buy petrol is Perth, followed by Adelaide, and Darwin, the data from the NRMA released to the Epoch Times reveals.
Petrol prices in Brisbane averaged 193.4 cents per litre (US$5 a gallon) in 2023.
Sydney ranked number four for the most expensive city for petrol, while Hobart ranked five, Melbourne came in sixth, and Canberra was seventh among Australian cities.
Perth has been the most inexpensive city for petrol twice and also the second lowest price twice since 2017, the data shows.
Meanwhile, Adelaide has been the cheapest for petrol four times and the second most competitive twice, the NRMA said.
Analysis of the data shows average yearly petrol prices in Brisbane have risen 49.2 percent from 129.6 cents per litre in 2017 to 193.4 cents per litre in 2023.
In Melbourne, the price of petrol has soared 49.6 percent from 128.3 cents per litre on average in 2017 to 191.9 cents in 2023.
Sydney petrol prices have also surged 51 percent in this time period from 126.2 cents per litre in 2017 to 190.7 cents in 2023.
For Adelaide residents, the price of fuel has jumped 47.5 percent in the same time frame, while Perth petrol prices have leaped 43 percent.
In Hobart, the average price of petrol has risen 37.7 percent between 2017 and 2023, while Darwin prices have escalated 29 percent and Canberra fuel has increased 44 percent.
The NRMA noted “record petrol prices” have contributed significantly to Australia’s inflation crisis and rising interest rates, with petrol prices hitting the highest on record in Australia in September.
NRMA spokesperson Peter Khoury noted Australia’s exposure to world oil prices was “painfully apparent” in the year 2023.
“Fuel prices—and in particular diesel—have had a negative impact on the budgets of Australian families and our nation’s economy throughout much of 2023 and only now are we starting to see some relief,” Mr. Khoury said.
“Australia’s economy runs on diesel with so much of our goods and services delivered by heavy freight. It also drives key industries like agriculture, mining and manufacturing so higher diesel prices throughout 2023 have reverberated across all sections of our society.
“This analysis by the NRMA also further demonstrates the need for ongoing transparency of fuel prices in Australia. If fuel prices in Australia do not fall according to downward movements in global oil prices then Australian families and the Australian economy ultimately pays the price.”
Mr. Khoury said in 2023 all states and territories in Australia implemented some kind of real time data reforms, other than Victoria.
“These reforms allow families to find the cheapest fuel in their local community and help drive competition among service stations,” he said.
The NRMA noted volatile movements in global oil prices continued to be an issue in 2023. For example, the OPEC decision to reduce production in September led to price rises world-wide, the organisation highlighted.
However, record oil production from the United States and other non-OPEC countries along with uncertainty on the Chinese economy placed downward pressure on prices, delivering relief at Christmas, the NRMA said.
“The perception is that the Red Sea route is reopening and will bring supply to market weeks faster,” Price Futures Group analyst Phil Flynn told the publication.
Fuel price rises contribute to inflation
The Australian Bureau of Statistics (ABS) latest Consumer Price Index (CPI) release showed a 1.2 percent rise in the September quartier.The ABS said the most significant price rises were automotive fuel, rising 7.2 percent, followed by rents and electricity.
“Automotive fuel prices rose 7.2 percent in the September quarter, which is the highest quarterly rise since March 2022,” the ABS said at the time of the release, in October.
“Average prices for unleaded petrol increased to $1.97 per litre, which is 13.5 cents per litre higher than the June quarter. Average diesel prices increased to $2.06 per litre, which is 19 cents per litre higher than the June quarter.”
The next release for the December quarter is due to be released by the ABS on Jan. 31.
