According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol fell by 3.7 cents per litre to a five-month low of 146.2 cents a litre in the week to November 10…
And while that may have been partially due to the vagaries of the discounting cycle, the recent fall in global fuel prices is finally starting to filter through…
The gap between the wholesale price and pump price eased from record highs of 15.1 cents to 10.6 cents (7.8 per cent) in the past week, but the gross margin was still well above the 5-year average of 8.4 cents or 6.7 per cent.
Last week the key Singapore unleaded petrol price fell by US$2.80 (2.4 per cent) to US$112.00 a barrel. And in Australian dollar terms the Singapore gasoline price fell by $2.75 (2.3 per cent) last week to $118.33 a barrel or 74.42 cents a litre…
The good news is that wholesale prices have fallen further in the past week, pointing to pump prices falling by another 2-3 cents over the next fortnight.
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.
