From David Scutt:
So far in 2014 the spot price of Tapis crude, priced in Australian Dollar terms, has fallen 26.1%. From the last reported price for 2013, $151.30/l, the average price for fuel in Australia has fallen just 1.1%, even after the recent plunge in crude prices globally. While those who own shares in refiners will be smiling (or at least hedged), it’s clear that someone is is benefiting from widening margins and it’s not Australian motorists!
In my experience it takes roughly three weeks for oil price falls to reach the Australian bowser. The chart needs a date axis to judge properly but it appears to make a fair point!
