According to the Australian Institute of Petroleum, the national average Australian price of petrol fell by 5.0 cents per litre to 152.3 cents a litre in the week to April 6. The wholesale petrol price hit a 4-month low…
Today, the national average wholesale (terminal gate) unleaded petrol price stands at 141.6 c/l – a four-month low and down around 1.0 cent over the week.
Last week the key Singapore unleaded petrol price fell by US35c (0.3 per cent) to US$118.90 a barrel. In Australian dollar terms the Singapore gasoline price rose by 12 cents or 0.1 per cent last week to $128.76 a barrel or 80.98 cents a litre.
Figures from MotorMouth show that petrol prices in Sydney, Melbourne, Brisbane and Adelaide eased last week from the peak levels recorded on March 25/26, reflecting the usual discounting cycle. Based on a gross retail margin around 9 cents a litre, the national petrol price should fall to around $1.50 a litre.
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.
