Fuel prices rise across different states amid cost-of-living crunch

As we navigate the ever-changing Australian economy, the cost of living is on a relentless march upward.

This time, fuel prices are leading the charge.

Despite a shift towards electric vehicles (EVs) and favouring work-from-home arrangements, a recent development left many Aussies reeling.


The Australian Competition and Consumer Commission (ACCC) released a quarterly report that painted a stark picture.

Fuel prices have soared to more than double the rate of inflation up to June 2024, jumping at 7.7 per cent.

In contrast, Australia's inflation rate is at 3.8 per cent.

This sudden increase came at a time when Australians bought less petrol and diesel.


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Fuel prices saw a record-high increase last year and have been fluctuating since June 2024. Image Credit: Pexels/Josiah Farrow


Statistics showed a 2.8 per cent drop in fuel purchases, equating to 64 million fewer litres of fuel in the June Quarter.

The surge in prices has been attributed to complex and multifaceted reasons.

The ACCC identified four key international factors that are influencing our fuel prices.

First, the ACCC pointed out the Organisation of the Petroleum Exporting Countries (OPEC) and its so-called 'cartel'.

Second, there are fluctuating demands in major economies like China, Europe, and the US.

Third, there are ongoing conflicts in Ukraine and the Middle East.

Lastly, the global response to inflation as central banks raised their interest rates to temper demand.


These global dynamics have directly impacted local fuel prices.

The average retail petrol prices in Sydney, Melbourne, Brisbane, Adelaide, and Perth rose by 3.3 cents per litre.

Sydney saw the most significant increase at 5.7 cents, while Adelaide experienced a slight drop of 0.7 cents.

Brisbane has been the most expensive of Australia's five largest cities for over a year, with Perth remaining the cheapest.

Motorists saw a record-high increase in fuel prices last 30 April, with a nominal peak of 215.9 cents per litre.

Despite the increases last June, there is a glimmer of hope on the horizon.


Prices have started decreasing after the June quarter, with the ACCC reporting an average price drop of around 10 cents per litre.

When adjusted for inflation, the most expensive petrol prices in Australia's history occurred during the global financial crisis in 2008.

In contrast, the lowest prices were seen in the first June quarter of the COVID-19 pandemic.

The price patterns could vary across different cities, with Sydney, Melbourne, and Brisbane experiencing gradual changes.

On the other hand, Adelaide's prices have been going up and down, and Perth's prices spike every Wednesday.


Fuel costs are generally higher in regional areas, with South Australia, Western Australia, Tasmania, and the Northern Territory feeling the pinch the most.

The ACT does not have regional price variations due to its size.

As Aussies continue to face financial challenges, it's crucial to stay informed and seek out ways to mitigate fuel prices and their impact on our budgets.

Whether it's embracing more fuel-efficient transportation options, carpooling, or planning trips strategically to conserve fuel, every little bit helps.
Key Takeaways
  • In the 12 months to June 2024, Australian fuel prices rose by 7.7 per cent, more than double the country's inflation rate of 3.8 per cent.
  • Despite an increase in fuel-efficient vehicles and electric cars and working from home, Australians purchased significantly less fuel but still faced higher prices.
  • Contributing factors to the rising fuel costs include actions by OPEC, demands in major global economies, geopolitical tensions, and central banks' interest rate hikes to combat inflation.
  • Following a record nominal price high in April, average retail petrol prices across the five largest Australian cities began to decrease, with a notable 10 cents per litre drop between June to August 2024.
Have you found any effective strategies for saving at the pump? We'd love to hear about how you're coping with the rising fuel prices. Share your tips with us in the comments below.
 
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No I think you guys got it wrong.
A couple of days ago the Advertiser {our local newspaper} wrote a story about
the Millennials love for smashed Avocado, so much that it was impacting their ability to pay their MORTGAGE.
And also keeping them out of the housing market given their taste for the popular brunch dish.🥑🥑
As Mum would say "If you can't afford it , you can't have it."😾😾
 
fuel has gone down here in Cairns and has been down for a long time
its $1.60/l for e 10 yes $1.60 is still to much but its been there or close for months

and yes to above if you cant afford it you cant have it [or you dont need it]
plus drugs are not food and you dont need a carton of booze every night
 
It is all very well to say the cost of electricity charges for EVs is cheaper than that
for ICEs but as yet the Powers that be have either removed the road tax from petrol or
diesel or added the equivalent amount to the charges for EVs.
 
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It is all very well to say the cost of electricity charges for EVs is cheaper than that
for ICEs but as yet the Powers that be have either removed the road tax from petrol or
diesel or added the equivalent amount to the charges for EVs.
Ever seen free petrol bowsers at local shopping centres? So why is there free EV charging stations available?

I am sure that nobody would be able to answer the second question honestly.
 
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No I think you guys got it wrong.
A couple of days ago the Advertiser {our local newspaper} wrote a story about
the Millennials love for smashed Avocado, so much that it was impacting their ability to pay their MORTGAGE.
And also keeping them out of the housing market given their taste for the popular brunch dish.🥑🥑
As Mum would say "If you can't afford it , you can't have it."😾😾
Yup.... mortgage/rent comes out first and foremost, then your fixed commitments.
As you said 'If you can't pay for it in cash, you can't have it'. None of this credit BS with the exorbitant interest rates.
 
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Has the price of tattoos, amphetamines and gym memberships gone up as well?
Ever seen free petrol bowsers at local shopping centres? So why is there free EV charging stations available?

I am sure that nobody would be able to answer the second question honestly.
Not just the above about free EV charging stations - it’s about time the powers that be, whoever that may be, put these charging stations at more frequent/closer intervals along highways before encouraging us to buy EVs to do our bit for the environment. I imagine it would be difficult to drive long distances without an EV charging station. My diesel Hyundai will probably be my vehicle of choice til I die.
 
I saw on Trump debates that fuel is $1.79us per GALLON. There is 4.54609 litres per gallon. My local price was $1.67 lit on wed. So we pay $7.60AU per gallon. That's the same as $5.20US per gallon
The US is complaining because their power bills last summer were as high as $90US per quater with A/C running. My last summer bill was $450AU=$307.90US. One dozen eggs were $2.69US = $3.93AU. Eggs were as high as $7.00AU same as $4.79US
Don't you feel sorry for them?
 
There is a charging station in the car park of a local shopping centre here, I’ve never seen a single car there 😂 My daughter has a hibrid seems like a better idea. I don’t drive so what would I know 😂
 
Not just the above about free EV charging stations - it’s about time the powers that be, whoever that may be, put these charging stations at more frequent/closer intervals along highways before encouraging us to buy EVs to do our bit for the environment. I imagine it would be difficult to drive long distances without an EV charging station. My diesel Hyundai will probably be my vehicle of choice til I die.
They aren't that good for the environment, what they do in 7-10 years when they need a new battery! How are the batteries disposed of. They cost us alot more in emissions to produce than standard cars.
 

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