News

Fuel prices dive after high

By Country News

After soaring to 10-year highs in October, Australian petrol prices dropped dramatically a month later.

At the end of October, fuel prices were at their highest level since July 2008 when the average retail cost was 159.9¢/litre.

But according to the Australian Competition and Consumer Commission’s latest petrol report, motorists were only paying 128¢/litre by late-November — the lowest rate in more than a year.

‘‘The lower AUD-USD exchange rate in the September quarter 2018 compounded the influence of the increase in international refined petrol prices,’’ the ACCC report stated.

The October monthly average jumped to 157.9¢/litre, but by November it was down to 139¢/litre.

Out of Australia’s capital cities, Brisbane drivers were the ones getting stung at the pump the most during the September quarter.

The average retail price in the Queensland capital during that period was 148.8¢/litre, which was almost three cents more than Sydney, Melbourne, Adelaide and Perth.

But it was still significantly cheaper than in Darwin, where consumers were paying 155.4¢/litre, up more than three cents compared to the June quarter.

Studies of regional areas saw motorists in Tasmania’s second-largest city, Launceston, forking out 160.4¢/litre during the September quarter.