Petrol prices have continued their decline, and in some cases, the rate of decline has accelerated. It dropped 20.5 cents in just seven days (see 20th April report) in Melbourne. The drivers of this continued decline are manifold.
For instance, securing alternative shipments to bypass the Persian Gulf blockade and reducing our reliance on the volatile Strait of Hormuz. The government has released strategic reserves. Trade deals have diversified our supply sources. And the excise cut and GST benefits continue to flow through to retail prices.
The rate of decline has actually accelerated in Melbourne and Brisbane compared to the previous week, while slowing slightly in Sydney. This suggests that the market is not moving in lockstep. Different cities are at different stages of passing through the cumulative savings.
Melbourne, Victoria
Current average: 180.1 (-20.5)
This is the first time in this series that every Melbourne zone is below 180 cents. Melbourne’s fuel market has delivered its most dramatic week yet.
The city and inner zone’s 24-cent drop in a single week is the largest we have recorded in this series. The south-east zone also saw an impressive 22-cent drop. The east zone dropped 20 cents.
| Zone | Price (ULP91) 20th Apr | Price (ULP91) 27th Apr | Suburb | Station |
|---|---|---|---|---|
| North | 189.9 | 174.9 | Craigieburn (3047) | Metro Craigieburn |
| West | 177.9 | 167.9 | Truganina (3029) | Metro Truganina |
| East | 195.9 | 175.9 | Mooroolbark(3138) | 7-Eleven Mooroolbark |
| South-East | 194.7 | 172.7 | Moorabbin Airport (3194) | Costco Moorabbin |
| South | 185.5 | 174.9 | Frankston South (3199) | United Frankston South |
| City & Inner | 190.3 | 166.3 | Kingsville (3012) | Burk Kingsville |
Also read: Australia secures massive 200 million litre diesel supply
Sydney, New South Wales
Current average: 179.7 (-16.7)
Every zone in Sydney is now below 180 cents for the first time in our records. The city and east zone recorded the largest drop, falling 20 cents. The south and St George zone matched that drop. The west zone, which has led Sydney’s price declines for much of this series, saw only a modest 5-cent drop.
| Zone | Price (ULP91) 20th Apr | Price (ULP91) 27th Apr | Suburb | Station |
|---|---|---|---|---|
| West | 180.5 | 175.5 | Fairfield (2161) | Speedway Petroleum |
| North-West | 185.9 | 173.5 | Carlingford (2118) | U-GO Carlingford |
| Northern Beaches and North Shore | 193.9 | 175.9 | Forestville (2087) | Arko Energy |
| City & East | 191.9 | 171.9 | Rozelle (2039) | U-GO Rozelle |
| South-West | 189.9 | 176.9 | Camden (2570) | Camden Hotspot |
| South and St George | 195.9 | 175.9 | Gymea (2227) | 7-Eleven Gymea |
Also read: Australia’s diesel fuel supply faces a slow-motion crisis
Brisbane, Queensland
Current average: 177.6 (-19)
Brisbane’s fuel market has seen its most uniform week of declines, with every zone dropping between 15 and 19 cents. The south zone retains its crown as Brisbane’s cheapest. The Ipswich corridor and north zones are close behind at 174.5 and 175.5 cents, respectively. The city and near zone, which led Brisbane for much of this series, saw the smallest drop at 13 cents.
| Zone | Price (ULP91) 20th Apr | Price (ULP91) 27th Apr | Suburb | Station |
|---|---|---|---|---|
| North | 192.9 | 175.5 | Bracken Ridge (4017) | U-GO Bracken Ridge |
| South | 192.5 | 174.3 | Acacia Ridge (4110) | Metro Acacia Ridge |
| West | 191.5 | 175.5 | Darra (4076) | Freedom Fuels Darra |
| Ipswich Corridor | 191.5 | 174.5 | Silkstone (4304) | Metco Silkstone |
| East & Bayside | 192.9 | 176.9 | Capalaba (4157) | Metro Capalaba |
| City & Near | 189.9 | 176.9 | Newstead (4006) | BP Commercial Road |
Also read: Used EV market surges in Australia as fuel prices spike
Final thoughts
A combination of government intervention, such as excise cuts, strategic reserve releases, trade deals, and alternative supply routes, has broken the back of a price surge that seemed unstoppable just two months ago.
Lurking beneath this good news are the same risks we’ve been warning about for weeks. The alternative supply routes are more expensive than the traditional ones. The strategic reserves are finite. The excise cut expires on 30 June, just two months from now.
And a final note to the stations that have appeared on our cheapest list for seven consecutive snapshots: Bracken Ridge’s U-GO. That’s a record in this series. While Acacia Ridge may have taken the crown this week, consistency matters. Drivers on Brisbane’s north side know who to thank.
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