News

Petrol Prices Rise In May Despite Stable World Oil Prices And Rising Dollar

14.6.2001

The latest national petrol price monitoring conducted by FuelTrac and released by the Australian Automobile Association today shows an increase in prices in virtually all centres during May.

 

AAA Communications Director, Greg Hunting, said the general increase was surprising as world oil prices remained relatively stable during April / May and the Australian dollar improved in value. Mr. Hunting said that with no external pressure on prices it appeared Oil Companies had increased their profit margins during the month. He said that of the capitals, Perth, Hobart and Darwin had the largest increases all of over 4 cents, while prices actually fell slightly in Melbourne.

 

 

LOCATION

AVERAGE PRICE MAY

VARIATION FROM APRIL

Sydney

97.3

+ 1.4

Melbourne

93.3

- 0.8

Brisbane

87.3 *

+ 2.1

Adelaide

97.1

+ 0.6

Perth

98.1

+ 4.2

Hobart

102.4

+ 4.3

Darwin

105.8

+ 4.2

Canberra

99.9

+ 3.5

 

 

"The variation between lowest and highest price paid for petrol in each State again highlights the fact that many country centres often miss out on discount cycles," Mr. Hunting said.

 

State

Monthly High

Monthly Low

NSW

Coonabarabran 113.6

Sydney 84.1

VIC

Swan Hill 107.9

Melbourne 85.0

QLD *

Roma 104.9

Brisbane 77.9

SA

Coober Pedy 118.4

Adelaide 85.5

WA

Kalgoorlie 114.9

Perth 88.5

TAS

Ulverstone 104.9

Hobart 96.9

NT

Tennant Creek 115.9

Darwin 104.7

 

* With 8.3 cent State subsidy

 

 

"When you compare the average city price with the minimum recorded city price you get some idea of the enormous variations in price that exist.

 

"There is no doubt that price variations annoy motorists. This has been confirmed by national polling conducted for AAA. We are therefore interested in a proposal from the ACCC that daily price fluctuations be limited to three-cents per litre.

 

"We believe such a move would end huge weekend increases and the extreme highs and lows that often occur over short periods. At the same time average prices should not change. Our polling would suggest that this would be much more acceptable from the point of view of motorists," he said.

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