Global factors driving petrol prices finds ACCC
Global factors such as the ongoing unrest in the Middle East and the continued depletion of conventional crude oil supplies have been identified as key factors in determining petrol prices, according to the Australian Competition and Consumer Commission (ACCC).
The ACCC’s report concluded that weaker than normal global demand was not enough to offset domestic price rises.
“The main influences on domestic petrol prices in Australia are international prices, which reached record levels during 2011-12 despite weak global economic conditions,” ACCC commissioner Joe Dimasi said.
ACCC monitoring shows that across the five largest cities, retail petrol prices at the bowser increased to an average of 143 cents per litre (cpl), in line with the relevant international benchmark price (Singapore Mogas 95). This was despite the high Australian dollar providing some protection from higher international prices. Even with the recent increases, petrol prices in Australia remain among the lowest in the OECD.