Petrol prices are at an almost 12-month low in some parts of Australia and are expected to stay low for some time unless simmering tensions in the Middle East boil over.
The average price of fuel in NSW in the month of August 2024 was $1.87, very close to the 12-month low of $1.86 seen in January, according to the state government’s Fuel Check site.
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The average price of unleaded 91 fuel in New South Wales was $1.90 on Tuesday, but parts of Sydney had fuel for as low as $1.59 per litre.
Elsewhere in Australia, prices are the best they’ve been this year.
In Victoria, the average price was $1.79 but fuel as cheap $1.59 was advertised in Melbourne.
The South Australian average price was $1.76 and as low as $1.61 in Adelaide’s outer suburbs.
The Royal Automobile Association of South Australia (RAA) said Adelaide’s current fuel price was the lowest it’s been in 2024, and almost 12 months.
Petrol prices in Queensland average to $1.85, with fuel was going for as little as $1.59 in Brisbane.
Perth prices dropped to $1.54 near the airport, while the West Australian average was $1.79.
In the Northern Territory the average petrol price was $1.90 compared to Darwin where the cheapest fuel was $1.72.
In Hobart, motorists could find petrol at $1.79, while the Tasmanian average was $1.87.
How to get the best bowser bargains
Motorists are encouraged to shop around for fuel using price comparison websites.
The Australian Competition and Consumer Commission found a motorist filling up 50 litres of regular unleaded petrol using the website each week could have annually saved around $242 in Brisbane, $740 in Perth, $407 in Sydney, $333 in Melbourne and $486 in Adelaide.
There are four government-run apps showing real-time petrol price updates, servicing Western Australia (FuelWatch), New South Wales and the ACT (FuelCheck), the Northern Territory (MyFuel NT) and Tasmania (FuelCheck TAS).
But motoring groups such as the Royal Automobile Club of Queensland and the Royal Automobile Association of South Australia also have real-time fuel price checking apps.
There are also a number of commercial offerings as well, such as MotorMouth and PetrolSpy.
“Fuel prices are also available in navigation apps such as Waze and Google Maps,” the ACCC said.
The ACCC website also gives an ongoing analysis of price cycles by state, and offers regular buying tips based on current data.
What’s happening?
International benchmarks, wholesaler prices and the Australian dollar all influence the price of fuel.
World crude oil prices dropped last month with news of a potential ceasefire deal in Gaza and demand easing because of slowing demand in China.
Those cheaper prices are now being reflected at Australian petrol stations.
But this week, news that there could be oil production cuts in Libya saw it prices rise 3 per cent.
On the other hand, Australian banks are optimistic the value of the Australian dollar will increase in 2024 with Westpac expecting it to reach US70 cents by December 2024.
RAA Mobility and Automotive Policy senior manager Mark Borlace said fuel prices will likely stay low, unless a broader regional conflict happens in the Middle East.
“I think we’ll have a flattening and downward trend for a while because the general concern about the recession in China and the US, they are putting some downward pressure on the price of crude,” Borlace said.