According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol rose by 0.7 cents per litre to a four-month high of 119.1 cents per litre in the week to May 29. Sydney was the most expensive capital city to fill up with petrol with the average petrol price at 124.8 cents a litre…
The average wholesale petrol price is now near 113 cents a litre. A typical gross retail margin is 8-10 cents a litre. So motorists will need to get used to pump prices around 122 cents a litre.
While at 4-month highs and up from lows in late February and early April, petrol is still around 18 cents a litre cheaper than a year ago. And that means motorists are still saving $12-13 each time they fill their tanks from near empty.
The national average wholesale (terminal gate) unleaded petrol price stands at 113.0 cents a litre, up 1.8 cents a litre over the week…
World crude oil prices have lifted from their lows, and indeed Asian prices are leading the charge higher. In early April, Tapis crude was near US$38 a barrel. Now it is above US$52 a barrel. Singapore gasoline was near US$50 a barrel. Now it is near US$61 a barrel. And adding to the domestic cost of petrol, the Aussie dollar is below US72 cents now, down from US78 cents in mid-April.
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
