Australian fuel (ULP) prices have continued their downward trajectory for the third consecutive week in this snapshot series. But this week’s falls are noticeably sharper (see 13th April snapshot). They’re larger, more uniform, and they’ve pushed prices into territory not seen since before the Middle East crisis began.
The causes of this latest fall are manifold. The two-week US-Iran ceasefire established on April 8 continues to hold. The reopening of the Strait of Hormuz has eased supply fears. And critically, consumer behaviour is shifting. EV sales hit record highs in March, which may be beginning to soften petrol demand at the margins.
On April 15, a major fire broke out at the Viva Energy refinery in Geelong. This facility is responsible for roughly 10% of Australia’s national fuel production. While the Prime Minister has ruled out immediate fuel restrictions, this disruption has the potential to put fresh upward pressure on prices in the coming weeks.
The ceasefire is also scheduled to expire on April 22. The full US naval presence around the Iranian ports remains significant, and while non-Iranian vessels are still permitted to transit the Strait of Hormuz, the situation remains highly volatile.
Melbourne, Victoria
Current average: 206.3 (-10.3)
The west zone, which stunned us on Monday with 194.9 cents at Truganina, has dropped another 10 cents. The 184.9 cent price at Truganina’s Metro is the lowest we have recorded in any major capital city since we began this snapshot series.
Every single zone in Melbourne has recorded double-digit drops since Monday. The east and south zones led the way with 14-cent reductions.
| Zone | Price (ULP91) 13th Apr | Price (ULP91) 17th Apr | Suburb | Station |
|---|---|---|---|---|
| North | 209.9 | 197.9 | Broadmeadows (3047) | Metro Coolaroo |
| West | 194.9 | 184.9 | Truganina (3029) | Metro Truganina |
| East | 213.9 | 199.9 | Ringwood East (3135) | U-GO Ringwood East |
| South-East | 209.9 | 197.7 | Noble Park (3174) | United Noble Park |
| South | 209.5 | 195.5 | Seaford (3198) | Fuel Zone |
| City & Inner | 206.3 | 195.3 | Kingsville (3012) | Burk Kingsville |
Also read: Used EV market surges in Australia as fuel prices spike
Sydney, New South Wales
Current average: 204.3 (-12.3)
Sydney’s fuel market has seen the most dramatic average drop of any capital, with prices falling more than 12 cents across the city. The south and St George zone recorded the largest single-zone drop in Sydney.
The north-west, northern beaches, and city and east zones all recorded drops of 12-14 cents. The west zone, which has led Sydney’s price declines for weeks, continued its trend. The south-west zone was the laggard, with only a modest 5.8-cent drop.
| Zone | Price (ULP91) 13th Apr | Price (ULP91) 17th Apr | Suburb | Station |
|---|---|---|---|---|
| West | 202.9 | 194.5 | Fairfield (2165) | Speedway Fairfield |
| North-West | 209.5 | 195.5 | Carlingford (2118) | Medco Petroleum |
| Northern Beaches and North Shore | 213.9 | 200.9 | Harbord (2096) | Prime Harbord |
| City & East | 214.5 | 201.9 | Rozelle (2039) | U-GO Rozelle |
| South-West | 209.7 | 203.9 | Mt Annan (2567) | Reddy Express |
| South and St George | 216.5 | 199.9 | Mortdale (2223) | BP Connect Mortdale |
Brisbane, Queensland
Current average: 205 (-11.3)
Brisbane’s fuel market has seen the most dramatic single-zone result outside Melbourne, with the city and near zone plunging to 193.9 cents. The north zone recorded the largest single-zone drop in Brisbane, plunging 17 cents to 198.5 cents at Bracken Ridge’s U-GO. This station has appeared on our cheapest list for five consecutive snapshots.
The Ipswich corridor and south zones also recorded strong drops of 14.5 and 13 cents, respectively. The west, east and bayside zones saw more modest improvements of 9-10 cents. The city and near zone’s 193.9 cent price at Red Hill is Brisbane’s cheapest and competitive with the best offers in Melbourne and Sydney.
| Zone | Price (ULP91) 13th Apr | Price (ULP91) 17th Apr | Suburb | Station |
|---|---|---|---|---|
| North | 215.5 | 198.5 | Bracken Ridge (4017) | U-GO Bracken Ridge |
| South | 210.9 | 197.9 | Robertson (4109) | Metro Sunnybank |
| West | 212.5 | 203.5 | Darra (4076) | Freedom Fuels |
| Ipswich Corridor | 213.9 | 199.4 | Booval (4304) | Caltex Booval |
| East & Bayside | 213.9 | 203.9 | Cleveland (4157) | U-GO Cleveland |
| City & Near | 205.9 | 193.9 | Red Hill (4059) | Quill Petroleum |
Final thoughts
While the Prime Minister has ruled out immediate fuel restrictions due to the Geelong fire, refineries don’t come back online overnight. The full impact of this fire may be felt at the pump in the coming weeks.
The April 22 US-Iran ceasefire deadline is now only five days away. Even with the exemption for non-Iranian vessels, the Strait of Hormuz is once again becoming a geopolitical flashpoint.
If the Strait of Hormuz is threatened again, global oil prices will spike within days. If the Geelong refinery remains offline for an extended period, domestic supply constraints may add a local premium on top of global increases.
And a final note to the stations that have appeared on our cheapest list for five consecutive snapshots: Coburg North, Kingsville, Bracken Ridge, and now Forestville. Fill up today. Drive safe. And we’ll see you back here on Monday.
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