According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol fell by 1.8 cents to 111.9 cents per litre in the week to January 31 – the lowest levels in a year…
Today the national average wholesale (terminal gate) unleaded petrol price stands at 102.4 cents per litre, up 0.3 cents per litre on a week ago. The terminal gate diesel price stands at 89.0 cents a litre, up 0.6 cents over the week.
The difference between the weekly average retail unleaded petrol price and the weekly average wholesale terminal gate price was 10.2 cents a litre last week, down from 13.7 cents in the previous week and 15.5 cents in the week to January 10.
Last week the key Singapore gasoline price rose by US$1.13 or 2.3 per cent to US$51 a barrel. In Australian dollar terms the Singapore gasoline price rose by 65 cents a barrel or 0.9 per cent to $71.83 a barrel or 45.18 cents a litre…
The lower crude oil price is positive for consumers and businesses, lifting spending power. At the same time, the lower petrol price will keep downward pressure on the headline inflation rate. The average household is around $35 a month better off from the lower petrol price than in July last year.
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.
