- The average price of unleaded petrol in Australia has fallen to the lowest level this year.
- The Easter long weekend is less than two weeks away.
- Commsec says prices have already jumped in Sydney while those in Melbourne, Brisbane and Adelaide appear to be nearing the bottom of the price cycle.
Australian motorists may want to fill up the petrol tank in the not-too-distant future.
According to Commsec, the average price for unleaded petrol fell to the lowest level in over four months last week.
“According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol fell by 0.9 cents to 133.6 cents a litre in the past week, the lowest level in over 4 months,” said Ryan Felsman, Senior Economist at Commsec.
“The metropolitan petrol price fell by 1.0 cents to 132.2 cents per litre and the regional price declined by 0.5 cents to 136.5 cents per litre.”
While goods news for motorists, Felsman says it could be an opportune time to fill up the car now ahead of what is traditionally a strong period of demand during Easter.
“The Easter weekend is coming up, and in some states the school holidays start. One doesn’t normally associate chocolate eggs and petrol prices, but it may be best to fill-up in advance of Easter Bunny as the retail petrol price cycle could take a turn for the worse in some capital cities and regions,” Felsman says.
“In fact, Sydney fuel prices rose last week by almost 15 cents per litre. And Melbourne and Brisbane fuel prices are approaching the bottom of the latest price cycle after prices peaked at between $1.48-$1.49 cents per litre over the week ended February 25.”
While the average price in Sydney jumped 14.9 cents to 140.7 cents per litre last week, they fell substantially in Melbourne, Brisbane and Adelaide, dropping 6.3 cents, 8.9 cents and 14.7 cents respectively to 126.1 cents, 127.2 cents and 125.1 cents per litre.
In the remaining capitals, average prices stood at 135.6 cents in Perth, 148.3 cents in Darwin and 145.4 cents per litre in Hobart.