The Australian Competition and Consumer Commission (ACCC) has released its latest petrol monitoring report, revealing that average retail petrol prices fell to 179.8 cents per litre (cpl) in the December quarter of 2024, marking a decrease of 3.0 cpl from the previous quarter. This decline is attributed to lower international prices for refined petrol, particularly Mogas 95, which are influenced by decreasing global oil demand and increased supply from OPEC and non-OPEC countries.

In addition to the five largest cities—Sydney, Melbourne, Brisbane, Adelaide, and Perth—average petrol prices also dropped in Canberra, Hobart, and Darwin, with Darwin recording the lowest average price at 168.9 cpl. Overall, average retail petrol prices in regional locations fell to 179.5 cpl, slightly below the average in the major cities, as the ACCC continues to monitor prices across over 190 regional locations in Australia.

Despite the decrease in retail prices, the average gross indicative retail differences, which reflect retail margins, increased to 17.2 cpl across the five largest cities, up by 1.6 cpl from the previous quarter. The lowest margins were observed in Perth at 9.6 cpl, while Brisbane had the highest at 24.1 cpl. The annual average gross indicative retail differences for 2024 were slightly above pre-pandemic levels.

Retail diesel prices also saw a decline, averaging 177.1 cpl across the five largest cities, down 8.4 cpl from the previous quarter. This trend followed lower international diesel benchmark prices, resulting in the lowest diesel prices in real terms in over three years.

Consumer behavior is shifting, with 41% of consumers using fuel price apps to find cheaper fuel, an increase from 34% in 2022. The ACCC has been advocating for greater fuel price transparency, and the Victorian Government has announced plans for a price transparency scheme to be implemented in 2025, as it is currently the only jurisdiction in Australia without such a scheme.