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Wednesday, April 14, 2021

Petrol prices fall amid COVID-19 crisis

Petrol prices in the ACT are continuing to fall, according to the most recent quarterly petrol price report from comparethemarket.com.au.

The report, which looks at the average cents per litre (cpl) of unleaded petrol in major capital cities around Australia, showed the ACT had the most expensive petrol in the country over the March quarter, paying an average of 143cpl, with prices falling across the board.

The analysis showed prices in Canberra have been “falling slowly” over the past two months, from 146cpl to 143cpl on average.

As at Monday 6 April, the analysis was pointing to Giralang and Nicholls as the ACT’s cheapest suburbs to fill up at 122cpl on average, while Hawker and Tuggeranong were looking to be the most expensive at 138cpl.

“While the need for motorists to use their cars has drastically reduced, Aussies are still looking at where they can cut expenses now more than ever,” said Abigail Koch from comparethemarket.com.au.

Ms Koch said while the start of the second quarter of 2020 has seen price drops globally across crude oil, petrol and diesel, prices at the pump may not plummet.

“This is due to demand slowing from the effects of COVID-19 and the oil price war between Saudi Arabia and Russia, two of the three biggest oil producers in the world,” she said.

“Despite global oil prices falling, petrol retailers in Australia are selling far fewer volumes in this climate, making it harder to lower fuel prices. Motorists will see a wide dispersion of retail prices across most cities, making it difficult to find bargains at the bowser.”

According to comparethemarket.com.au some parts of the country are paying petrol prices not seen since the year 2000.

While we haven’t quite got near $1 per litre here in Canberra, Koch expected petrol prices to continue dropping over the next few weeks, saying it’s likely Canberrans will continue to see low prices at the bowser.

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