Retail petrol: According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol rose from 2½-month lows in the latest week, up by 1.8 cents per litre 118.7 cents per litre in the week to July 24. The average petrol price in July is the lowest for a July month in 11 years.
Today the national average wholesale (terminal gate) unleaded petrol price stands at 101.8 cents a litre, up 0.4 cents a litre over the week.
Last week in Australian dollar terms the Singapore gasoline price fell by $1.69 a barrel or 2.4 per cent to a near 5-month low of $67.48 a barrel or 42.44 cents a litre.
MotorMouth records the following retail prices for capital cities today: Sydney 125.5c; Melbourne 129.3c; Brisbane 127.8c; Adelaide 99.6c; Perth 112.9c; Canberra 118.4c; Darwin 119.3c; Hobart 123.6c
What does it all mean?
The national average petrol prices lifted in the latest week. Still, it was only the first gain in five weeks and reflects the end to discounting cycles in Sydney, Melbourne and Brisbane. But the good news for motorists is that the Singapore gasoline price hit near 5-month lows in the latest week with the wholesale Australian price just off the lowest levels since mid-March. So motorists are likely to reap savings at the petrol pump in coming weeks.
While petrol prices ebb and flow from week to week, it’s worth pointing out that the current national average price is the lowest for a July period in 11 years. In short, the petrol price isn’t a factor serving to restrain consumer spending.
What do the figures show?
Petrol prices
According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol rose by 1.8 cents per litre 118.7 cents per litre in the week to July 24. The metropolitan petrol price rose by 2.9 cents to 117.5 cents per litre while the regional price fell by 0.4 cents to 121.1 cents per litre.
The national average Australian price of diesel petrol fell by 0.4 cents to 121.5 cents per litre in the week to July 24. The metropolitan price fell by 0.3 cents to 120.9 c/l, while the regional average price fell by 0.5 cents to 122.0 c/l.
Average unleaded petrol prices across states and territories over the past week were: Sydney (up 5.9 cents to 125.7 c/l), Melbourne (up 5.7 cents to 112.7 c/l), Brisbane (up 6.3 cents to 116.2 c/l), Adelaide (down 12.8 cents to 105.3 c/l), Perth (down 2.1 cents to 118.9 c/l), Darwin (down 0.6 cents to 119.8 c/l), Canberra (down 0.8 cents to 127.8 c/l) and Hobart (down 0.6 cents to 123.8 c/l).
Today the national average wholesale (terminal gate) unleaded petrol price stands at 101.8 cents a litre, up 0.4 cents a litre over the week. The terminal gate diesel price stands today at 103.7 cents a litre, down 1.6 cents a litre.
Last week the key Singapore gasoline price fell by US$2.30 or 4.4 per cent to a near 5-month low of US$50.45 barrel. And in Australian dollar terms the Singapore gasoline price fell by $1.69 a barrel or 2.4 per cent to $67.48 a barrel or 42.44 cents a litre.
MotorMouth records the following retail prices for capital cities today: Sydney 125.5c; Melbourne 129.3c; Brisbane 127.8c; Adelaide 99.6c; Perth 112.9c; Canberra 118.4c; Darwin 119.3c; Hobart 123.6c
What is the importance of the economic data?
Weekly figures on petrol prices are compiled by ORIMA Research on behalf of the Australian Institute of Petroleum (AIP). National average retail prices are calculated as the weighted average of each State/Territory’s metropolitan and non-metropolitan retail petrol prices, with the weights based on the number of registered petrol vehicles in each of these regions. AIP data for retail petrol prices is based on available market data supplied by MotorMouth.
What are the implications for interest rates and investors?
A year ago the national average petrol price was near $1.53 a litre. Today it is near $1.19 a litre. So the average motorist is saving over $40 a month on filling up the car with petrol compared with a year ago.
Filling up the car with petrol is the single largest weekly purchase by most families. And it is clear that families have markedly more spending money than at the same point a year ago. The outlook remains favourable for consumer-focussed companies.
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