1004 ACCC Petrol Report Macro July 2015 FA

www.accc.gov.au

Report on the Australian petroleum market—June quarter 2015

August 2015

ISBN 978 1 922145 61 1

Australian Competition and Consumer Commission 23 Marcus Clarke Street, Canberra, Australian Capital Territory, 2601

© Commonwealth of Australia 2015

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Requests and inquiries concerning reproduction and rights should be addressed to the Director, Corporate Communications, ACCC, GPO Box 3131, Canberra ACT 2601, or [email protected].

Important notice

The information in this publication is for general guidance only. It does not constitute legal or other professional advice, and should not be relied on as a statement of the law in any jurisdiction. Because it is intended only as a general guide, it may contain generalisations. You should obtain professional advice if you have any specific concern.

The ACCC has made every reasonable effort to provide current and accurate information, but it does not make any guarantees regarding the accuracy, currency or completeness of that information.

Parties who wish to republish or otherwise use the information in this publication must check this information for currency and accuracy prior to publication. This should be done prior to each publication edition, as ACCC guidance and relevant transitional legislation frequently change. Any queries parties have should be addressed to the Director, Corporate Communications, ACCC, GPO Box 3131, Canberra ACT 2601, or [email protected].

ACCC 08/15_1004

www.accc.gov.au

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http://www.accc.gov.au

Contents

Key messages 1

1 Developments in the petroleum industry 3

1.1 BP ceased production at Bulwer Island refinery 3

1.2 Queensland ethanol mandate 3

1.3 Fuel excise legislation announced 4

2 ACCC activities 5

2.1 ACCC and the petrol industry 5

2.2 Activities during the quarter 5

3 Retail petrol price movements—five largest cities 7

3.1 Prices over the year to June 2015 7

3.2 Retail prices compared with Mogas 95 prices 8

3.3 Price cycles 8

3.4 Gross indicative retail differences 10

3.5 Prices in the three smaller capital cities 12

3.6 Retail prices of the different petrol grades 13

3.7 Components of petrol prices 14

4 Retail price movements—regional locations 15

4.1 Influences on regional petrol prices 15

4.2 Regional petrol prices 15

4.3 Prices in each of the states and the Northern Territory 16

5 International price movements 20

5.1 Crude oil and refined petrol 20

5.2 AUD−USD exchange rate 21

6 Diesel and LPG prices 22

6.1 Diesel price movements 22

6.2 Components of diesel prices 23

6.3 LPG price movements 23

6.4 Components of LPG prices 24

Appendix A—Petrol prices in all monitored locations 26

1 Quarterly report on the Australian petroleum industry—August 2015

Key messages

Retail petrol prices increased further in the quarter

In the June quarter 2015 the average retail petrol price in the five largest cities (i.e. Sydney, Melbourne, Brisbane, Adelaide and Perth) was 135.8 cents per litre (cpl). This was 16.9 cpl higher than in the March quarter 2015 (118.9 cpl).

The increase was influenced by rising international crude oil and refined petrol prices (Singapore Mogas 95 Unleaded), and a marginally weaker AUD−USD exchange rate, in the June quarter 2015. Weekly average Mogas 95 prices increased over the quarter by around 11 cpl (15 per cent), influenced particularly by stronger demand from the United States, China and India. Furthermore, the AUD−USD exchange rate was relatively low during the quarter.

In 2014−15 average retail prices were significantly lower than 2013–14

The annual average retail petrol price in the five largest cities in 2014–15 was 134.1 cpl. This was 16.5 cpl (11 per cent) lower than the annual average price in 2013–14 (150.6 cpl).

Petrol prices were highly volatile in 2014−15. Seven-day rolling average prices ranged from a high of around 158 cpl in July 2014 to a low of around 103 cpl in February 2015.

Of the annual average price in 2014–15 of 134.1 cpl:

• the international market price of refined petrol contributed 65.6 cpl (49 per cent)

• taxes—which consist of excise (the rate was 38.9 cpl at the end of June 2015) and GST (one-eleventh of the final retail price)—contributed 50.7 cpl (38 per cent).

In total around 116.3 cpl (87 per cent) of the annual average retail price of petrol in 2014−15 was directly attributable to the international refined petrol price and taxes.

While retail prices were considerably lower than in the previous year, they were adversely affected by a weaker AUD−USD exchange rate. In 2014−15 the average AUD−USD exchange rate was USD 0.84. If it had been at the same level as in 2013−14 (USD 0.92) retail petrol prices in 2014−15 would have been around 6 cpl lower.

In 2014−15 annual average gross indicative retail differences (GIRDs, calculated by subtracting average wholesale prices from average retail prices) in the five largest cities was 8.6 cpl, an increase of 0.5 cpl from 2013−14. This was the highest annual GIRD, in both real and nominal terms, since publication of wholesale prices began in 2002−03. Annual average GIRDs increased in Sydney, Brisbane and Perth and decreased in Melbourne and Adelaide.

GIRDs are a useful approximate benchmark for the difference between wholesale and retail prices and should not be confused with actual retail profits. The ACCC will report on profitability in the petroleum industry once financial data for 2014–15 has been analysed.

The differential between petrol prices in the larger cities and those in regional locations is now only 0.7 cpl

In the December quarter 2014 report, the ACCC highlighted that the decrease in international refined petrol prices had not passed through to retail petrol prices in many regional locations to the same extent as it had in the five largest cities. The differential between average prices across all regional locations and average prices in the five largest cities in December 2014 was 17.5 cpl. By March 2015 the differential had decreased substantially to 1.9 cpl.

The differential decreased further in the June quarter 2015. By June 2015 the monthly differential between average prices across all regional locations and average prices in the five largest cities was 0.7 cpl. In June 2015 there were 77 regional locations (around 43 per cent of locations monitored) in which their average monthly prices were lower than the five city average


price. The differential in June 2015 was particularly low and is likely to increase, at least to some extent, in coming months once international refined petrol prices stabilise.

It is interesting to note that in 2014−15 the annual average differential between average prices across all regional locations and average prices in the five largest cities was 7.9 cpl. This was an increase of 1.2 cpl from 2013−14 (6.7 cpl).

Price movements in regional locations generally lag behind movements in the five largest cities. This is due in part to a lower volume of sales in these locations, and hence slower replenishment of fuel stocks by wholesalers and retailers. Consequently, prices in regional locations often take more time to reflect changes in international prices than those in the five largest cities. Furthermore, retail prices in some regional locations are “sticky”, i.e. they are less responsive—both up and down—to movements in international prices.

Perth petrol price cycles changed during the quarter

Between January 2011 and April 2015 Perth had regular weekly petrol price cycles. Prices were always at the low point in the cycle on Wednesday and overwhelmingly at the high point in the cycle on Thursday (with the remaining high points on Friday).

At the end of May 2015 the pattern of the Perth price cycle changed. There was a five day cycle followed by a 12 day cycle, before the seven day pattern was re-established from late June 2015. However, the cheapest day changed from Wednesday to Monday, and the most expensive day changed from Thursday to Tuesday. The Western Australian Government attributed the variation to Caltex service stations beginning to increase their prices earlier in the week, with other major fuel companies following their lead.1

Compared with the previous quarter, price cycles in the eastern capital cities (i.e. Sydney, Melbourne, Brisbane and Adelaide) in the June quarter 2015 both increased in number and became more regular, with durations of around two to three weeks.

Darwin prices in June 2015 were lower than the five-city average

The monthly average petrol price in Darwin in June 2015 was 134.9 cpl, which was 5.7 cpl lower than in the five largest cities (140.6 cpl). This was the first—and only—time that monthly average Darwin prices were lower than in the five largest cities since the ACCC started to regularly collect Darwin prices in January 2000.

The relatively low retail petrol prices in Darwin in June 2015 were in contrast with the second half of 2014, when they were on average 24.6 cpl higher than in the five largest cities. The highest differential between monthly average Darwin prices and prices in the five largest cities occurred during this period (31.1 cpl in September 2014).

Given that Darwin prices were relatively high in the second half of 2014, the decline in Darwin prices is welcome. This decline could have been influenced by factors such as the discount arrangement of the Automobile Association of the Northern Territory with United Petroleum sites in Darwin, and the increased scrutiny of Darwin prices by the Northern Territory Government, the ACCC and the wider community.2

1 Hon Michael Mischin, WA Minister for Commerce, Monday is the new cheap day for Perth petrol, media statement, 6 July 2015, https://www.mediastatements.wa.gov.au/Pages/Barnett/2015/07/Monday-is-the-new-cheap-day-for-Perth-petrol.aspx, accessed on 16 July 2015.

2 The AANT/United Petroleum offer provided AANT members with an 8.0 cpl discount at all United Petroleum sites from 15 May until 31 July, and then an ongoing minimum discount of 6.0 cpl over the long term. See: http://www.aant.com.au/Membership/United/, accessed on 16 July 2015.

https://www.mediastatements.wa.gov.au/Pages/Barnett/2015/07/Monday-is-the-new-cheap-day-for-Perth-petrol.aspx

https://www.mediastatements.wa.gov.au/Pages/Barnett/2015/07/Monday-is-the-new-cheap-day-for-Perth-petrol.aspx

http://www.aant.com.au/Membership/United/

http://www.aant.com.au/Membership/United/


1 Developments in the petroleum industry

1.1 BP ceased production at Bulwer Island refinery

On 3 June 2015 BP ceased production at its Bulwer Island refinery in Brisbane.3 This followed an announcement by BP in April 2014 that it planned to halt refining operations at Bulwer Island by mid-2015.4

BP and Caltex signed an agreement under which Caltex will supply all of BP’s requirements for diesel and gasoline in South Queensland. In early July 2015 BP announced that a jet fuel import facility had started operation at Bulwer Island.5

With the closure of the Bulwer Island refinery, there was a decrease in refining capacity in Australia of 5910 mega litres per year (or around 18 per cent).6 There are now only four refineries operating in Australia, down from eight in June 2003. These are: Kwinana, Perth (BP); Lytton, Brisbane (Caltex); Altona, Melbourne (Mobil); and Corio, Geelong (Viva).

1.2 Queensland ethanol mandate

In June 2015 the Queensland Government released a discussion paper on an ethanol mandate. The paper stated:

The Queensland Government is working with industry and the community to develop initiatives that will encourage biofuel production and use. A first step and a key element of this approach is the introduction of a biofuel mandate that will initially require a certain proportion of ethanol to be incorporated into Queensland fuel. To achieve this outcome, the Queensland Government proposes to introduce the Liquid Fuel Supply (Biofuel Mandate) Amendment Bill 2015 which prescribes a phase-in of ethanol blended fuel. The Government is considering commencing with a two per cent target. A mandated percentage for biodiesel will also be prescribed following further consultation. It is expected that the Biofuel Mandate will commence on 1 July 2016.7

The biofuel mandate aims to: drive investment and develop the ethanol and biofuel industry in Queensland; contribute to regional growth and job creation; reduce greenhouse gas emissions; and lead to advanced biofuel production technologies.

The discussion paper noted that it is intended that the Queensland Productivity Commission would undertake a review following the introduction of the legislation and preliminary mandated percentages, but prior to any increase to these mandated percentages. It is proposed that the legislation be subject to a 10-year sunset clause.8

Submissions on the discussion paper closed on 3 July 2015.

3 Reuters (2015), BP ceases production at Australian Bulwer Island refinery, 3 June 2015, http://uk.reuters.com/article/2015/06/03/uk-australia-bp-refinery-idUKKBN0OJ0PX20150603, accessed 22 July 2015.

4 BP (2014), BP Bulwer Island Refinery: processing to halt, media release, 2 April 2014, http://www.bp.com/en_au/australia/media/media-releases/bulwer-island-refinery-processing-halt.html, accessed on 22 July 2015.

5 BP (2015) Bulwer jet terminal starts operations, media release, 6 July 2015, http://www.bp.com/en_au/australia/media/media-releases/bulwer-jet-terminal-starts-operations.html, accessed on 22 July 2015.

6 Australian Institute of Petroleum (2013), Downstream Petroleum 2013, http://www.aip.com.au/industry/dp2013/index.htm, accessed 22 July 2015.

7 Queensland Department of Energy and Water Supply (2015), Towards a clean energy economy: achieving a biofuel mandate for Queensland Discussion paper June 2015, page 2, https://www.dews.qld.gov.au/__data/assets/pdf_file/0005/274406/ethanol-discussion-paper.pdf, accessed 22 July 2015.

8 Ibid, page 8.

http://uk.reuters.com/article/2015/06/03/uk-australia-bp-refinery-idUKKBN0OJ0PX20150603

http://uk.reuters.com/article/2015/06/03/uk-australia-bp-refinery-idUKKBN0OJ0PX20150603

http://www.bp.com/en_au/australia/media/media-releases/bulwer-island-refinery-processing-halt.html

http://www.bp.com/en_au/australia/media/media-releases/bulwer-island-refinery-processing-halt.html

http://www.bp.com/en_au/australia/media/media-releases/bulwer-jet-terminal-starts-operations.html

http://www.bp.com/en_au/australia/media/media-releases/bulwer-jet-terminal-starts-operations.html

http://www.aip.com.au/industry/dp2013/index.htm

http://www.aip.com.au/industry/dp2013/index.htm

https://www.dews.qld.gov.au/__data/assets/pdf_file/0005/274406/ethanol-discussion-paper.pdf

https://www.dews.qld.gov.au/__data/assets/pdf_file/0005/274406/ethanol-discussion-paper.pdf


1.3 Fuel excise legislation announced

On23June2015theAustralianGovernmentannouncedlegislationtore-introducetheindexationoffuelexcisetoinflation.9Thefuelexcisewillincreasetwiceayear,inFebruaryandAugust,inlinewithmovementsoftheConsumerPriceIndex.Thelegislationpassedbothhousesofparliamenton24June2015andreceivedRoyalAssenton30June2015.Theindexationoffuel exise in 2014–15 was implemented through a 12 month tariff proposal which took effect on 10 November2014.

9 The Hon Joe Hockey MP, Treasurer of the Commonwealth of Australia, Government reaches agreement on fuel excise, media release, 23 June 2015, http://jbh.ministers.treasury.gov.au/media-release/061−2015/, accessed 22 July 2015.

http://jbh.ministers.treasury.gov.au/media-release/061-2015/


2 ACCC activities

2.1 ACCC and the petrol industry

The main role of the ACCC is to enforce the Competition and Consumer Act 2010 (the Act) across the Australian economy, which includes the fuel industry. The ACCC’s activities under the Act include enforcement and compliance, mergers and acquisitions assessments, authorisations and notifications, and administration of the Oilcode.

The ACCC does not set wholesale or retail petrol prices in Australia. They are determined by the market.

2.2 Activities during the quarter

2.2.1 Announcement of regional fuel market study in Launceston

On 8 May 2015 the ACCC announced that Launceston would be the location for the second regional fuel market study.10 Darwin was announced as the first location in March 2015.11 These studies are part of the petrol monitoring arrangements announced by the Minister for Small Business, the Hon Bruce Billson MP, in December 2014.

The in-depth regional market studies aim to explain each component of the prices paid at the bowser to understand why prices are higher in some regional locations. The ACCC is using its mandatory information gathering powers to obtain relevant information for the studies.

The ACCC will announce the third regional location to be selected for a market study in the coming months.

2.2.2 Results of Armidale fuel retail investigation

On 18 May 2015 the ACCC announced that it had concluded an investigation into whether there were any anti-competitive agreements between fuel retailers in Armidale.12

The ACCC did not find evidence of cartel conduct during the course of this investigation and subsequently ended its investigation. In concluding this investigation the ACCC noted that it is conducting a series of regional fuel studies and the outcome of this investigation would be considered in that broader context.

Fuel prices in Armidale remained very stable during the first 40 weeks of 2014, and were observed as being higher than nearby towns. As this type of market behaviour can be an indication of underlying cartel conduct, the ACCC undertook an investigation of Armidale’s retail fuel sites. To attribute this pricing behaviour to cartel conduct by competitors, there must be evidence of agreements between competitors, and the ACCC was unable to find that.

2.2.3 Stakeholder engagement

The ACCC hosted a meeting of the Fuel Consultative Committee (FuelCC) in May 2015. The FuelCC participants include Australia’s major fuel retailers, refiner-wholesalers, peak industry associations and motoring organisations.

The information shared at the FuelCC increases the ACCC’s understanding of fuel industry issues and assists it in undertaking its role on issues related to competition and consumer protection in the fuel industry. The meeting in May included discussion about the ACCC’s new fuel monitoring arrangements, and recent metropolitan and regional fuel price movements.

10 Australian Competition and Consumer Commission (ACCC) (2015), ACCC announces second regional petrol market study in Launceston, media release, 8 May 2015, https://www.accc.gov.au/media-release/accc-announces-second-regional-petrol-market-study-in-launceston, accessed 10 July 2015.

11 ACCC (2015), ACCC announces first regional petrol market study in Darwin, media release, 10 March 2015, https://www.accc.gov.au/media-release/accc-announces-first-regional-petrol-market-study-in-darwin, accessed 10 July 2015.

12 ACCC (2015), ACCC concludes investigation into Armidale fuel prices, media release, 18 May 2015, https://www.accc.gov.au/media-release/accc-concludes-investigation-into-armidale-fuel-prices, accessed 10 July 2015.

https://www.accc.gov.au/media-release/accc-announces-second-regional-petrol-market-study-in-launceston

https://www.accc.gov.au/media-release/accc-announces-second-regional-petrol-market-study-in-launceston

https://www.accc.gov.au/media-release/accc-announces-first-regional-petrol-market-study-in-darwin

https://www.accc.gov.au/media-release/accc-announces-first-regional-petrol-market-study-in-darwin

https://www.accc.gov.au/media-release/accc-concludes-investigation-into-armidale-fuel-prices

https://www.accc.gov.au/media-release/accc-concludes-investigation-into-armidale-fuel-prices


2.2.4 ACCC fuel related communications and media activity

In the June quarter 2015 the fuel related web pages on the ACCC website received around 40 000 page views. Of this total the petrol price cycle webpage received around 32 000 page views, making it the fifth most viewed page on the ACCC website in the quarter.

In 2014−15 there were around 168 000 page views on the ACCC’s fuel related web pages with around 127 000 page views on the petrol price cycle pages.

The ACCC continued to respond to fuel related media enquiries received through the ACCC Infocentre, and prepared replies to Ministerial and other correspondence on fuel related issues. These included: fuel prices in regional locations; price differentials between locations in the same region or between regional and city locations; price movements relative to changes in international oil prices and refined fuel price benchmarks; and the selection of locations for ACCC regional fuel market studies.

In 2014−15 the ACCC received around 1280 contacts through the ACCC Infocentre on a wide range of fuel related issues. This represented an increase of around 28 per cent from 2013−14.


3 Retail petrol price movements—five largest cities

This section primarily focuses on petrol prices across the five largest cities (i.e. Sydney, Melbourne, Brisbane, Adelaide and Perth).13 It also examines retail prices in the three smaller capital cities (Canberra, Hobart and Darwin). Petrol prices in regional locations across Australia are discussed in chapter 4.

3.1 Prices over the year to June 2015

Chart 3.1 Seven-day rolling average retail petrol prices, five largest cities: 1 July 2014 to 30 June 201514

cpl

100

110

120

130

140

150

160

Jul-14

Aug

-14

Sep

-14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb

-15

Mar-15

Apr-15

May

-15

Jun-15

Source: ACCC calculations based on FUELtrac data.

Note: The area to the right of the dotted vertical line in this and subsequent charts represents the June quarter 2015.

Chart 3.1 shows that:

• retail petrol prices in the five largest cities peaked at around 158 cpl in mid-July 2014 and then declined over the next six months to a low of around 103 cpl in early-February 2015

• they subsequently increased for the remainder of 2014−15 to around 142 cpl at the end of June 2015.

The annual average retail petrol price in the five largest cities in 2014−15 was 134.1 cpl. This was 16.5 cpl (11 per cent) lower than annual average price in 2013−14.

13 In this report references to petrol are to regular unleaded petrol (RULP) unless otherwise specified. From 1 July 2014 the five-city average price includes E10 prices instead of RULP prices for Sydney. From 1 July 2014 the ACCC has obtained its fuel price data from FUELtrac. Prior to that date it obtained data from Informed Sources.

14 A seven-day rolling average price is the average of the current day’s price and prices on the six previous days. Traditionally, the ACCC has used a seven-day rolling average to smooth out the influence of petrol price cycles in the larger capital cities on price movements. This has been less effective in recent years because the duration of price cycles in most of the larger capital cities has become greater than seven days.


3.2 Retail prices compared with Mogas 95 prices

RetailpetrolpricesinAustraliaareprimarilydeterminedbyinternationalrefinedpetrolprices.TherelevantbenchmarkisthepriceofSingaporeMogas95Unleaded(Mogas95).

Chart 3.2 Monthly average Mogas 95 prices and retail prices in the five largest cities: July 2014 to June 2015

cpl

cpl

Five largest cities (LHS) Mogas 95 (RHS)

Apr-15

May

-15

Jun-15

Jul-14

Aug

-14

Sep

-14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb

-15

Mar-15

75

85

95

105

115

125

135

145

155

165

30

40

50

60

70

80

90

110

100

120

Source: ACCC calculations based on FUELtrac, Platts and RBA data.

In the year to June 2015 changes in domestic retail prices in the five largest cities were primarily driven by changes in the international price of refined petrol.

Chart 3.2 shows that Mogas 95 prices decreased significantly in the second half of 2014 before rebounding in the March quarter 2015 and increasing further in the June quarter 2015.

In July 2014 the monthly average Mogas 95 price in Australian cents per litre was 81.5 cpl and by January 2015 had fallen to 44.7 cpl—a decrease of 36.8 cpl. This fall was reflected in the decrease in average retail prices in the five largest cities. Between July 2014 and January 2015 monthly average retail prices decreased by 42.6 cpl (from a high of 151.8 cpl to a low of 109.2 cpl).

Mogas 95 prices rebounded from their low point in January 2015 to be 68.4 cpl in June 2015, an increase of 23.7 cpl. Over the same period average retail prices in the five largest cities increased by 31.4 cpl to 140.6 cpl.

3.3 Price cycles

Retail petrol prices in the five largest cities in Australia move in cycles. These price cycles do not generally occur in Canberra, Hobart and Darwin, or in most regional locations. Price cycles occur as a result of the pricing policies of fuel retailers and only occur at the retail level. Wholesale prices do not exhibit similar cyclical movements.


Table 3.1 Number of price cycles per quarter—five largest cities: September quarter 2013 to June quarter 201515

Sydney Melbourne Brisbane Adelaide Perth

Sep-13 6 6 5 6 13

Dec-13 5 5 5 5 13

Mar-14 6 6 6 7 13

Jun-14 4 4 4 5 13

2013−14 21 21 20 23 52

Sep-14 3 3 3 3 13

Dec-14 2 1 2 2 13

Mar-15 3 3 2 1 13

Jun-15 5 3 4 5 13

2014−15 13 10 11 11 52

Source: ACCC analysis based on FUELtrac and Informed Sources data.

Table 3.1 shows that over the two years to June 2015 the number of price cycles per quarter in the four eastern capital cities (i.e. Sydney, Melbourne, Brisbane and Adelaide) decreased significantly:

• in these cities there were around half the number of price cycles in 2014−15 than in 2013−14

• in the June quarter 2015 there were five price cycles in Sydney and Adelaide, four in Brisbane and three in Melbourne. This compares with the March quarter 2015 where there were three price cycles in Sydney and Melbourne, two in Brisbane and one in Adelaide.

In contrast, Perth had regular weekly price cycles over most of the two year period. For most of this time prices in Perth were always at the low point in the cycle on Wednesday and overwhelmingly at the high point in the cycle on Thursday (with the remaining high points on Friday).

However, at the end of May 2015 the pattern of the Perth price cycle changed. There was a five day cycle followed by a 12 day cycle, before the seven day pattern was re-established from late June 2015. However, the cheapest day changed from Wednesday to Monday, and the most expensive day changed from Thursday to Tuesday. This is shown in chart 3.3. Despite this change, Perth averaged one price cycle per week in 2013−14 and 2014−15.

15 The number of price cycles in a period is defined as the number of peaks that occurred in that period. Sydney prices in 2014−15 are E10 rather than RULP prices.


Chart 3.3 Daily average retail petrol prices in Perth: 1 April 2015 to 30 June 2015cp

l

115

120

125

130

135

140

145

150

1 Apr 15

8 Apr 15

15 A

pr 15

22 A

pr 15

29 A

pr 15

6 May

15

13 M

ay 15

20 M

ay 15

27 M

ay 15

3 Ju

n 15

10 Jun

15

17 Jun

15

24 Jun

15


3.4 Gross indicative retail differences

Gross indicative retail differences (GIRDs) are calculated by subtracting average terminal gate prices (TGPs) from average retail prices.

TGPs are the prices at which petrol can be purchased from wholesalers in the spot market and are posted on a regular basis on the websites of the major wholesalers. While not many wholesale transactions occur at TGP, they can be regarded as indicative wholesale prices. TGPs reflect the price of petrol only, and exclude other retail operating costs (such as branding, transportation, labour, etc.). As a result, GIRDs should be treated only as a useful approximate benchmark for the difference between wholesale and retail prices. They should not be confused with actual retail profits.

Table 3.2 shows that, in the five largest cities over the eight quarters to June 2015:

• Five-city average GIRDs increased by 3.8 cpl between the March quarter 2015 and the June quarter 2015—from 6.7 cpl to 10.5 cpl. GIRDS increased in all cities.

• GIRDs varied significantly over the period and across cities, ranging from a high of 13.8 cpl (in Brisbane in the June quarter 2015) to a low of 4.5 cpl (in Adelaide in the March quarter 2015).

• In 2014−15 the annual average GIRD in the five largest cities was 8.6 cpl, an increase of 0.5 cpl from 2013−14. This was the highest annual GIRD, in real and nominal terms, since publication of TGPs began in 2002−03. Annual average GIRDs increased in Sydney, Brisbane and Perth and decreased in Melbourne and Adelaide.


Table 3.2 Quarterly and annual average retail petrol prices, terminal gate prices and gross indicative retail differences, five largest cities: September quarter 2013 to June quarter 2015

Location Quarter/year Average retail price

cpl

Average TGPcpl

GIRDcpl

Five largest cities Sep-13 150.5 142.7 7.8

Dec-13 147.6 138.9 8.7

Mar-14 153.9 145.4 8.5

Jun-14 150.7 143.1 7.6

2013−14 150.6 142.5 8.1

Sep-14 146.1 138.6 7.5

Dec-14 135.1 125.7 9.4

Mar-15 118.9 112.2 6.7

Jun-15 135.8 125.3 10.5

2014−15 134.1 125.5 8.6

Sydney Sep-13 150.2 143.1 7.1

Dec-13 147.0 139.5 7.5

Mar-14 152.2 146.0 6.2

Jun-14 149.7 143.5 6.2

2013−14 149.8 143.0 6.8

Sep-14 143.9 137.1 6.8

Dec-14 133.8 124.2 9.6

Mar-15 117.1 111.0 6.1

Jun-15 135.1 123.9 11.2

2014−15 132.6 124.1 8.5

Melbourne Sep-13 149.5 142.5 7.0

Dec-13 145.8 138.9 6.9

Mar-14 152.3 145.5 6.8

Jun-14 148.4 142.9 5.5

2013−14 149.0 142.4 6.6

Sep-14 145.8 139.0 6.8

Dec-14 132.2 126.1 6.1

Mar-15 117.4 112.6 4.8

Jun-15 133.8 125.6 8.2

2014−15 132.4 125.9 6.5

Brisbane Sep-13 152.5 142.8 9.7

Dec-13 150.6 138.8 11.8

Mar-14 157.5 145.2 12.3

Jun-14 153.5 143.0 10.5

2013−14 153.5 142.5 11.1

Sep-14 148.9 139.1 9.8

Dec-14 139.6 126.1 13.5

Mar-15 122.0 112.6 9.4

Jun-15 139.5 125.8 13.8

2014−15 137.6 125.9 11.7


Location Quarter/year Average retail price

cpl

Average TGPcpl

GIRDcpl

Adelaide Sep-13 149.0 142.9 6.1

Dec-13 147.2 139.0 8.2

Mar-14 153.1 145.4 7.7

Jun-14 149.6 143.2 6.4

2013−14 149.7 142.6 7.1

Sep-14 143.7 138.9 4.8

Dec-14 133.2 125.3 7.2

Mar-15 116.8 112.3 4.5

Jun-15 135.7 125.5 10.2

2014−15 132.4 125.7 6.7

Perth Sep-13 151.1 142.3 8.8

Dec-13 147.5 138.4 9.1

Mar-14 154.2 144.9 9.3

Jun-14 152.4 142.7 9.7

2013−14 151.3 142.1 9.2

Sep-14 148.3 139.2 9.1

Dec-14 136.7 126.2 10.5

Mar-15 121.2 112.6 8.6

Jun-15 134.7 125.7 9.0

2014−15 135.3 126.0 9.3

Source: ACCC calculations based on data from FUELtrac, Informed Sources, WA FuelWatch and information provided by the monitored companies.

3.5 Prices in the three smaller capital cities

Chart 3.4 Monthly average retail petrol prices in Canberra, Hobart and Darwin and the five largest cities: July 2014 to June 2015

cpl

100

110

120

130

140

150

160

170

180

Apr-15

May

-15

Jun-15

Jul-14

Aug

-14

Sep

-14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb

-15

Mar-15

Five largest citiesHobart Canberra Darwin



Chart3.4showsthatin2014−15:

• prices in Hobart and Canberra were always higher than in the five largest cities

• prices in Darwin were higher than those in the five largest cities for 10 months of the year

– in May 2015 Darwin prices were equal to those in the five largest cities

– in June 2015 Darwin prices were 5.7 cpl lower than those in the five largest cities. This was the first—and only—time that monthly average Darwin prices were lower than in the five largest cities since the ACCC started to regularly collect Darwin prices in January 2000

– the highest differential between monthly average Darwin prices and prices in the five largest cities (31.1 cpl) occurred in September 2014.

3.6 Retail prices of the different petrol grades

Chart 3.5 shows that retail prices of the different grades of unleaded petrol—RULP, PULP 95 and 98, and E10—moved in a similar manner in 2014−15.

Chart 3.5 Monthly average retail prices of RULP, PULP 95, PULP 98 and E10 in the five largest cities: July 2014 to June 2015

cpl

100

110

120

130

140

150

160

170

180

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

E10RULP PULP 95 PULP 98


In 2014−15 in the five largest cities the average differential between:

• RULP and PULP 95 prices was 10.6 cpl (the same as in 2013−14)

• RULP and PULP 98 prices was 16.7 cpl (an increase of 0.4 cpl from 2013−14)

• E10 and RULP prices was 1.9 cpl (a decrease of 1.2 cpl from 2013−14).16

Retail prices of the different grades of petrol move in a similar manner because they are all set by retailers according to international refined petrol benchmark prices (which in turn predominantly move in line with changes in the price of crude oil). However, the price differentials between the various types of petrol vary over time. For example, retailers will generally set the price of PULP at a fixed premium to RULP. Premiums are adjusted from time to time reflecting changes in international benchmark differentials, local supply and demand factors, and other factors.

16 E10 prices are for Sydney, Melbourne and Brisbane only.


3.7 Components of petrol prices

Therearethreebroadcomponentsoftheretailpriceofpetrol:theinternationalpriceofrefinedpetrol,domestictaxes(exciseandtheGST),andothercostsandmarginsatthewholesaleandretaillevels.

Chart 3.6 Components of the annual average retail petrol price in the five largest cities in 2014−15

Other costs and marginsTaxesMogas 95

PETROL134.1 cpl

cpl %

17.8 13

50.7 38

65.6 49


Chart 3.6 shows that the two largest components of the pump price—Mogas 95 and taxes (excise and the GST)—accounted for 87 per cent of the price of petrol. These components are largely outside the control of local petrol retailers.

Mogas 95 as a proportion of the annual average price decreased from 54 per cent in 2013−14 to 49 per cent in 2014−15 and taxes increased from 34 per cent to 38 per cent. Other costs and margins remained broadly the same.


4 Retail price movements—regional locationsThe ACCC monitors fuel prices in all capital cities and around 180 regional locations across Australia. These locations are identified in appendix A.

4.1 Influences on regional petrol prices

Movements in retail petrol prices in regional locations are largely driven by changes in international refined petrol prices and the AUD−USD exchange rate, just as they are in the five largest cities.

However, prices are generally higher in regional locations. A number of factors may contribute to these higher prices: a lower level of local competition; lower volumes of fuel sold; distance/location factors; and lower convenience store sales. The influence of these factors varies significantly from location to location. This means that there may be substantial differences in prices between specific regional locations.

4.2 Regional petrol prices

Chart 4.1 Monthly average retail petrol prices in regional locations in aggregate and the five largest cities: July 2014 to June 2015

cpl

115

105

125

135

145

155

165

Regional locationsFive largest cities

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15


Chart 4.1 shows that prices in the five largest cities increased by 31.4 cpl from their low of 109.2 in January 2015 to 140.6 cpl in June 2015. Prices in the regional locations in aggregate also increased but by a smaller amount (18.6 cpl)—they were 141.3 cpl in June 2015.

The monthly average differential between average prices across all regional locations and average prices in the five largest cities was 0.7 cpl in June 2015—a decrease from 1.9 cpl in March 2015, and significantly lower than 17.5 cpl in December 2014. In June 2015 there were 77 regional locations (around 43 per cent of locations monitored) in which their average monthly prices were lower than the five city average price.

The differential in June 2015 was particularly low, and is likely to increase in coming months once the increase in international refined petrol prices stabilises.

In 2014−15 the differential between average prices across all regional locations and average prices in the five largest cities was 7.9 cpl. This was an increase of 1.2 cpl from 2013−14 (6.7 cpl).

Further information on petrol price movements between March 2015 and June 2015 in all locations monitored by the ACCC are presented in appendix A.


4.3 Prices in each of the states and the Northern Territory

Charts 4.2 to 4.8 show seven-day rolling average retail petrol prices for the monitored regional locations in aggregate in each state and the Northern Territory, along with the relevant capital city prices from 1 July 2014 to 30 June 2015.17 The charts are all on the same scale to enable ready comparison across states and the Northern Territory.

The charts indicate that in a number of states, price comparisons between capital city and regional location prices on a short-term basis are significantly influenced by price cycles in some capital cities.

In June 2015 in Victoria, Queensland and South Australia the average price across all regional locations in each state was lower than the average price in Melbourne, Brisbane and Adelaide respectively.

Chart 4.2 Seven-day rolling average petrol prices in Sydney and New South Wales regional locations: 1 July 2014 to 30 June 2015

90

100

110

120

130

140

150

160

170

180

NSW regional locations Sydney

cpl

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

June avg: 1.8 cpl

March avg: 1.2 cpl

2014–15 avg: 9.1 cpl


17 There are no prices available for locations in the Australian Capital Territory other than Canberra.


Chart 4.3 Seven-day rolling average petrol prices in Melbourne and Victorian regional locations: 1 July 2014 to 30 June 2015

90

100

110

120

130

140

150

160

170

180

Vic regional locations Melbourne

cpl

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

June avg: -2.5 cpl

March avg: 0.2 cpl

2014–15 avg: 5.7 cpl


Chart 4.4 Seven-day rolling average petrol prices in Brisbane and Queensland regional locations: 1 July 2014 to 30 June 2015

90

100

110

120

130

140

150

160

170

180

Qld regional locations Brisbane

cpl

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

June avg: –0.9 cpl

March avg: –1.6 cpl

2014–15 avg: 5.4 cpl



Chart 4.5 Seven-day rolling average petrol prices in Adelaide and South Australian regional locations: 1 July 2014 to 30 June 2015

90

100

110

120

130

140

150

160

170

180

SA regional locations Adelaide

cpl

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

June avg: –3.1 cpl

March avg: 2.0 cpl

2014–15 avg: 6.0 cpl


Chart 4.6 Seven-day rolling average petrol prices in Perth and Western Australian regional locations: 1 July 2014 to 30 June 2015

90

100

110

120

130

140

150

160

170

180

WA regional locations Perth

cpl

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

June avg: 4.6 cpl

March avg: 5.8 cpl

2014–15 avg: 11.3 cpl



Chart 4.7 Seven-day rolling average petrol prices in Hobart and Tasmanian regional locations: 1 July 2014 to 30 June 2015

90

100

110

120

130

140

150

160

170

180

Tas regional locations Hobart

cpl

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

June avg: 1.6 cpl

March avg: 0.3 cpl

2014–15 avg: 1.2 cpl


Chart 4.8 Seven-day rolling average petrol prices in Darwin and Northern Territory regional locations: 1 July 2014 to 30 June 2015

90

100

110

120

130

140

150

160

170

180

cpl

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

June avg: 12.2 cplMarch avg: 9.6 cpl

2014–15 avg: 7.9 cpl

NT regional locations Darwin



5 International price movementsThe main influences on retail petrol prices in Australia are the international price of refined petrol (which is influenced by the price of crude oil) and the AUD−USD exchange rate.

5.1 Crude oil and refined petrol

Crude oil prices are an important influence on movements in refined petrol prices around the world. There are a number of international benchmarks used for pricing crude oil, including West Texas Intermediate (WTI), Brent, Tapis and Dubai. The most widely used benchmark on global markets is Brent crude oil.

The relevant international benchmark price for petrol in Australia is the price of refined petrol in the Asia-Pacific region—Singapore Mogas 95 Unleaded (Mogas 95). This benchmark is used for pricing petrol in Australia due to Singapore being one of the most important trading and refining centres, and its proximity to Australia.

Chart 5.1 Weekly average Brent crude oil and Mogas 95 prices: 1 July 2014 to 30 June 2015

40

50

60

70

80

90

100

110

120

130

140

Brent crude oil Mogas 95

USD

per bl

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

10 yr Brent annual ave—93.030 yr Brent annual ave—53.7

Source: ACCC calculations based on Platts data and US Department of Labor, Bureau of Labor Statistics, Consumer Price Index for all urban consumers, www.dlt.ri.gov/lmi/pdf/cpi.pdf, accessed on 30 July 2015.

Chart 5.1 shows that weekly average Brent crude oil prices decreased from a high of around USD 111 per barrel in July 2014 to a low of around USD 47 per barrel in mid-January 2015—a decrease of USD 64 per barrel or 58 per cent.

The sharp decline in crude oil prices between July 2014 and January 2015 was influenced by a number of factors, including: an increase in supply; the decision by the Organization of the Petroleum Exporting Countries in November 2014 to not reduce output in response to falling crude oil prices; and reduced growth in demand.

Weekly average Brent crude oil prices then steadily increased to around USD 62 per barrel at the end of June 2015 (an increase of USD 15 per barrel or 32 per cent). The increase was influenced by increasing political tensions in the Middle East and a slowdown in US and Libyan oil production.

Weekly average Mogas 95 prices decreased from a high of around USD 127 per barrel in July 2014 before decreasing to around USD 55 per barrel by mid-January 2015—a decrease of USD 72 per barrel or 57 per cent. Subsequently prices increased by USD 27 per barrel (49 per cent) to around USD 82 per barrel by the end of June 2015.

http://www.dlt.ri.gov/lmi/pdf/cpi.pdf


Mogas95pricesincreasedbyasignificantlygreateramountthanBrentcrudeoilprices,influenced by strikes at a number of US refineries and planned maintenance at a number of AsianrefineriesintheMarchquarter2015andbystrongdemandintheUnitedStates,ChinaandIndiaintheJunequarter2015.

5.2 AUD−USD exchange rate

The AUD−USD exchange rate is a significant determinant of Australian retail petrol prices because the international benchmark prices of refined petrol are bought and sold in United States dollars in global markets.

Chart 5.2 Daily AUD−USD exchange rates: 1 July 2014 to 30 June 2015

USD

0.75

0.77

0.79

0.81

0.83

0.85

0.87

0.89

0.91

0.93

0.95

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

Source: Reserve Bank of Australia (RBA) data.

Note: Exchange rates are the daily RBA 4.00 pm closing rates. See: http://www.rba.gov.au/statistics/frequency/exchange-rates.html.

Chart 5.2 shows that at the beginning of July 2014 the AUD−USD exchange rate was around USD 0.95. It remained relatively stable until mid-September 2014, fluctuating within a USD 0.03 band. The AUD−USD exchange rate then decreased significantly to a low of around USD 0.76 in early April 2015. The exchange rate increased to around USD 0.81 in mid-May, before decreasing again to around USD 0.77 at the end of June 2015.

The average AUD−USD exchange rate in the June quarter 2015 was USD 0.78. This was USD 0.15 lower than the average in the September quarter 2014 (USD 0.93).

The average AUD−USD exchange rate in 2014−15 was USD 0.84, which was USD 0.08 lower than in 2013−14 (USD 0.92).

http://www.rba.gov.au/statistics/frequency/exchange-rates.html

http://www.rba.gov.au/statistics/frequency/exchange-rates.html


6 Diesel and LPG pricesRetail prices of petrol, diesel and LPG generally move in line with their respective international benchmark prices, which are influenced by different supply and demand factors.

6.1 Diesel price movements

The appropriate international benchmark price for diesel is the price of Singapore Gasoil with 10 parts per million sulphur content (Gasoil 10 ppm). International demand for diesel is different from that for petrol, in part because of diesel’s off-road, industrial and electricity generation uses. However, both petrol and diesel are refined from crude oil and their prices will tend to follow broadly similar movements over the long term.

Chart 6.1 Seven-day rolling average retail diesel prices in the five largest cities and Gasoil 10 ppm prices: 1 July 2014 to 30 June 2015

cpl

cpl

Retail diesel price—five largest cities (LHS) Gasoil 10 ppm (lagged 11 days) (RHS)

Apr-15

May

-15

Jun-15

Jul-14

Aug

-14

Sep

-14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb

-15

Mar-15

40

50

60

70

80

90

100

110

120

90

100

110

120

130

140

150

160

170


Chart 6.1 shows that over 2014−15 retail diesel prices in the five largest cities broadly tracked Gasoil 10 ppm prices:

• Gasoil 10 ppm prices in Australian cents per litre decreased from around 84 cpl in early-July 2014 to around 48 cpl in early-February 2015—a decrease of 36 cpl

– over the same period retail diesel prices decreased from around 157 cpl to a low of around 124 cpl—a decrease of 33 cpl

• from early-February 2015 Gasoil 10 ppm prices rebounded by 15 cpl, to around 63 cpl at the end of June 2015

– over the same period retail diesel prices increased by 10 cpl to around 134 cpl.

In the short term, retail diesel prices tend to be less responsive to movements in Gasoil 10 ppm prices, both up and down, compared with the responsiveness of retail petrol prices to movements in Mogas 95 prices. There are fewer passenger vehicles that use diesel than use petrol, and diesel also tends to be used by less price-sensitive consumers than petrol (diesel use is high in European cars, SUVs, and commercial vehicles). Retail diesel prices tend to be less volatile and do not have price cycles.


6.2 Components of diesel prices

In2014−15theannualaverageretailpriceofdieselinthefivelargestcitieswas140.4 cpl,whichwas17.4 cpllowerthan2013−14.

Chart 6.2 shows that the international price of refined diesel accounted for slightly less than half of the average pump price of diesel in 2014−15. This was seven percentage points lower than in 2013−14. The proportion of the average pump price represented by other costs and margins in 2014−15 (16 per cent) was higher than in 2013−14 (13 per cent).

Chart 6.2 Components of the annual average retail diesel price in the five largest cities in 2014−15

Gasoil 10 ppm Taxes Other costs and margins

DIESEL140.4 cpl

cpl %

22.7 16

51.3 37

66.4 47


6.3 LPG price movements

The appropriate benchmarks for LPG are the Saudi Aramco Contract Prices for propane and butane (Saudi CP). These prices only change once a month, at the start of each month. International LPG prices loosely move in line with international refined petrol or diesel prices.

As the Saudi CP benchmarks only change at the start of each month, the relationship between movements in the international benchmark prices and retail prices for LPG is somewhat different from petrol and diesel. Furthermore, international LPG prices are influenced by non-transport factors such as demand for heating particularly in the northern hemisphere.

Australian retail LPG prices, like diesel prices, tend to be less volatile than petrol prices and do not have price cycles. LPG usage in Australia is significantly less than petrol and diesel usage, and there are fewer retailers of LPG, particularly outside Victoria (where around half of Australia’s LPG usage occurs).


Chart 6.3 Seven-day rolling average retail LPG prices in the five largest cities and monthly Saudi CP benchmarks: 1 July 2014 to 30 June 2015

cpl

20

30

40

50

60

70

80

90

100

Apr

-15

May

-15

Jun-15

Jul-1

4

Aug

-14

Sep-

14

Oct-14

Nov

-14

Dec

-14

Jan-15

Feb-

15

Mar-15

Retail LPG price—five largest cities (seven-day rolling average) Saudi Contract Price benchmarks (monthly)

Source: ACCC calculations based on FUELtrac, RBA and Gas Energy Australia data.

Chart 6.3 shows that the Saudi CP benchmarks decreased from around 48 cpl in July 2014 to a low of around 30 cpl in January 2015—a decrease of 18 cpl. Prices rebounded slightly by around 4 cpl in February and March 2015 before decreasing by 4 cpl in June 2015.

Retail LPG prices decreased from a high of around 80 cpl in July 2014 to a low of around 63 cpl in late-February 2015—a decrease of 17 cpl. Prices were relatively steady thereafter and were 64 cpl at the end of June 2015.

On 1 July 2014 excise on automotive LPG increased by 2.5 cpl. There were two further increases in excise of 0.1 cpl each in November 2014 and February 2015. On 1 July 2015 the rate of excise increased by a further 2.5 cpl to 12.7 cpl.

6.4 Components of LPG prices

In 2014−15 the annual average retail price of automotive LPG in the five largest cities was 70.7 cpl—a decrease of 12.3 cpl from 2013−14.

Chart 6.4 shows that over half of the average price of LPG in 2014−15 was accounted for by the Saudi CP benchmarks. The proportion of the price accounted for by other costs and margins in 2014−15 (24 per cent) was higher than in 2013−14 (18 per cent).

Other costs and margins make up a relatively large proportion of the retail price for LPG compared with those for petrol and diesel, because of higher transportation and storage costs for LPG, and the low rate of excise.


Chart 6.4 Components of the annual average retail LPG price in the five largest cities in 2014−15

Saudi CP Taxes Other costs and margins

LPG70.7 cpl

cpl %

16.9 24

16.5 23

37.3 53

Source: ACCC calculations based on FUELtrac, RBA and Gas Energy Australia data.


Appendix A—Petrol prices in all monitored locationsThe ACCC monitors fuel prices in all capital cities and around 180 regional locations across Australia.

Monthly average retail petrol prices for March and June 2015 and the change between the two are shown in table A below.18 It also shows the differential between average petrol prices in the five largest cities and in each regional location in June 2015 and in financial years 2013−14 and 2014−15.

Table A Monthly average petrol prices in March and June 2015 and the city-country differential in June 2015, 2013−14 and 2014−15

Location March 2015 June 2015 Change (Mar to Jun)

Differential June 15

Differential 2013−14


Sydney 130.8 140.1 9.3

Melbourne 128.4 139.3 10.9

Brisbane 134.9 144.6 9.7

Adelaide 128.0 140.6 12.6

Perth 129.5 138.2 8.7

Five largest cities 130.3 140.6 10.3

Hobart 135.5 143.1 7.6 2.5 10.9 11.0

Canberra 133.2 144.5 11.3 3.9 6.8 8.7

Darwin 133.9 134.9 1.0 –5.7 19.8 15.7

New South Wales

Albury 128.2 138.3 10.1 –2.3 2.0 3.5

Armidale 133.2 143.0 9.8 2.4 9.4 10.6

Ballina 130.5 138.1 7.6 –2.5 6.2

Batemans Bay 129.1 139.6 10.5 –1.0

Bathurst 128.7 141.0 12.3 0.4 6.2 4.9

Bega 136.3 146.2 9.9 5.6 9.8 11.5

Broken Hill 134.6 144.4 9.8 3.8 7.9 12.0

Casino 132.8 140.4 7.6 –0.2 2.8 6.9

Central Coast 133.1 143.9 10.8 3.3 1.9 6.8

Coffs Harbour 133.4 139.4 6.0 –1.2 6.4 8.1

Cooma 136.6 144.9 8.3 4.3 10.0 10.6

Cootamundra 131.8 141.1 9.3 0.5 8.9 8.2

Cowra 127.7 132.5 4.8 –8.1 6.4

Deniliquin 133.0 141.6 8.6 1.0 8.3 9.4

Dubbo 127.8 141.4 13.6 0.8 5.8 5.0

Forbes 125.7 133.0 7.3 –7.6 5.2 4.5

Forster 126.6 140.2 13.6 –0.4 6.4 9.3

Gilgandra 130.7 140.6 9.9 0.0 7.6

Glen Innes 128.0 136.6 8.6 –4.0

18 For a price to be included in the table there had to be a price observation on at least 75 per cent of days in the month/year. Ten locations—Bulahdelah, Blackall, Boulder, Buronga, Coober Pedy, Koo Wee Rup, Lithgow, Miles, Mount Barker and Waroona—were excluded on the basis that insufficient data was available for March or June 2015.

In March and June 2015 E10 rather than RULP prices are reported in Sydney, Batemans Bay, Cowra, Gilgandra, Glen Innes, Gunnedah, Mittagong, Ulladulla, Wellington, Yass and Ipswich.

The source for all prices in this attachment is ACCC calculations based on FUELtrac and Informed Sources data.






Goulburn 128.5 143.7 15.2 3.1 4.8 2.5

Grafton 132.9 140.1 7.2 –0.5 4.0 5.3

Griffith 129.3 141.7 12.4 1.1 7.6 7.1

Gundagai 131.7 144.0 12.3 3.4 3.2 8.7

Gunnedah 128.7 142.8 14.1 2.2 9.1

Hay 129.5 139.7 10.2 –0.9 2.4 6.6

Inverell 131.1 137.0 5.9 –3.6 4.1 6.2

Jerilderie 132.8 142.0 9.2 1.4 6.4 7.9

Kempsey 132.3 140.2 7.9 –0.4 5.3 8.1

Leeton 130.9 138.3 7.4 –2.3 5.8 6.5

Lismore 131.7 138.3 6.6 –2.3 2.8 5.2

Merimbula 132.9 144.6 11.7 4.0 6.3 10.5

Mittagong 131.0 142.9 11.9 2.3

Moama 128.7 130.9 2.2 –9.7 1.6 4.5

Moree 136.2 143.3 7.1 2.7 8.2 9.8

Moruya 133.7 144.0 10.3 3.4 9.4 8.0

Moss Vale 133.7 148.3 14.6 7.7 5.5 6.3

Mudgee 133.4 147.9 14.5 7.3 9.1 10.2

Murwillumbah 135.5 144.6 9.1 4.0 7.1 9.0

Muswellbrook 126.3 137.8 11.5 –2.8 4.1 3.8

Narrabri 134.8 145.1 10.3 4.5 9.8 10.4

Newcastle 130.7 138.6 7.9 –2.0 4.8 3.3

Nowra 133.0 142.8 9.8 2.2 6.5

Nyngan 137.7 148.1 10.4 7.5 10.7

Orange 132.4 140.7 8.3 0.1 2.6 7.2

Parkes 132.5 141.5 9.0 0.9 7.2 7.7

Port Macquarie 133.8 143.3 9.5 2.7 7.8 11.2

Queanbeyan 132.4 144.9 12.5 4.3 5.7 7.4

Singleton 135.2 144.2 9.0 3.6 6.0 8.7

Tamworth 130.6 142.0 11.4 1.4 7.1 10.3

Taree 132.7 142.0 9.3 1.4 7.3 8.1

Temora 131.3 139.6 8.3 –1.0 6.8 6.7

Tumut 133.5 144.8 11.3 4.2 13.4 11.8

Tweed Heads South 133.9 144.8 10.9 4.2 1.5 4.6

Ulladulla 126.9 139.5 12.6 –1.1

Wagga Wagga 133.4 139.7 6.3 –0.9 7.8 8.8

Wauchope 134.1 144.8 10.7 4.2 7.5 10.8

Wellington 129.6 133.0 3.4 –7.6 5.1

West Wyalong 133.2 144.5 11.3 3.9 7.7 7.3

Wollongong 129.7 142.1 12.4 1.5 4.2 0.0

Woolgoolga 135.7 141.5 5.8 0.9 5.8 11.7

Yass 132.2 145.7 13.5 5.1 6.4 7.2

Northern Territory

Alice Springs 138.9 140.9 2.0 0.3 27.8 24.7






Katherine 133.8 137.5 3.7 –3.1 13.6 14.1

Tennant Creek 159.6 162.7 3.1 22.1 31.7 34.6

Queensland

Atherton 132.9 144.9 12.0 4.3 7.5 12.2

Ayr 133.3 132.7 –0.6 –7.9 8.5 2.7

Biloela 133.3 144.1 10.8 3.5 8.3 7.9

Blackwater 133.1 146.2 13.1 5.6 6.4 11.4

Bowen 133.6 146.1 12.5 5.5 8.4 10.5

Bundaberg 132.7 146.0 13.3 5.4 5.2 7.2

Cairns 134.4 146.3 11.9 5.7 8.2 12.3

Charters Towers 134.0 146.2 12.2 5.6 7.0 10.7

Childers 132.9 142.9 10.0 2.3 5.5 5.9

Dalby 133.0 139.8 6.8 –0.8 8.2 7.5

Emerald 132.9 146.2 13.3 5.6 5.8 11.0

Gladstone 133.5 145.0 11.5 4.4 7.3 10.2

Gold Coast 136.1 143.6 7.5 3.0 2.3 3.5

Goondiwindi 132.0 146.0 14.0 5.4 6.6 9.9

Gympie 128.8 138.7 9.9 –1.9 3.1 1.8

Hervey Bay 132.7 144.3 11.6 3.7 3.8 5.6

Ingham 132.6 145.5 12.9 4.9 6.6 9.8

Innisfail 133.2 141.1 7.9 0.5 8.3 10.9

Ipswich 134.6 145.4 10.8 4.8 2.2

Kingaroy 133.4 142.1 8.7 1.5 5.7 8.5

Longreach 138.5 148.5 10.0 7.9 15.9 18.7

Mackay 127.3 146.0 18.7 5.4 4.8 4.4

Mareeba 134.5 145.6 11.1 5.0 6.7 12.6

Maryborough 130.4 139.2 8.8 –1.4 3.8 4.4

Moranbah 135.5 141.9 6.4 1.3 12.5 12.4

Mt Isa 140.3 148.2 7.9 7.6 10.6 16.3

Rockhampton 134.7 147.8 13.1 7.2 7.5 10.2

Roma 133.3 144.9 11.6 4.3 6.3 13.2

Sunshine Coast 131.3 141.1 9.8 0.5 1.5 3.2

Toowoomba 131.5 138.6 7.1 –2.0 1.4 5.0

Townsville 132.9 146.1 13.2 5.5 4.3 7.0

Tully 133.7 146.1 12.4 5.5 8.3 11.8

Warwick 132.5 139.8 7.3 –0.8 0.4 4.1

Whitsunday 123.2 128.8 5.6 –11.8 2.9 0.2

Yeppoon 133.5 147.1 13.6 6.5 6.0 10.2

South Australia

Bordertown 131.0 138.1 7.1 –2.5 5.6 5.9

Ceduna 134.9 140.8 5.9 0.2 12.2 10.4

Clare 129.5 138.3 8.8 –2.3 2.0 2.6

Gawler 130.5 141.4 10.9 0.8 0.6 0.2

Kadina 130.1 137.8 7.7 –2.8 2.9 2.9

Keith 133.4 140.3 6.9 –0.3 3.8 5.2






Loxton 128.2 137.0 8.8 –3.6 3.2 2.7

Mt Gambier 130.1 136.2 6.1 –4.4 3.2 4.5

Murray Bridge 127.7 137.2 9.5 –3.4 2.1 2.8

Naracoorte 129.3 138.1 8.8 –2.5 3.1 5.0

Port Augusta 127.8 136.8 9.0 –3.8 3.3 1.7

Port Lincoln 130.4 137.9 7.5 –2.7 8.4 6.9

Port Pirie 127.8 137.0 9.2 –3.6 2.0 2.2

Renmark 129.8 130.2 0.4 –10.4 2.0 1.8

Tailem Bend 129.3 136.5 7.2 –4.1 3.1 2.8

Victor Harbour 129.6 136.0 6.4 –4.6 2.5 1.4

Whyalla 119.2 121.2 2.0 –19.4 5.0 0.8

Tasmania

Burnie 134.5 143.1 8.6 2.5 11.3 11.6

Devonport 133.9 143.0 9.1 2.4 11.4 11.3

Huonville 134.4 143.5 9.1 2.9 11.3 11.6

Launceston 137.2 146.3 9.1 5.7 12.0 13.1

New Norfolk 135.0 145.0 10.0 4.4 12.7 14.1

Queenstown 139.3 149.6 10.3 9.0 13.4 14.4

Smithton 140.1 148.6 8.5 8.0 11.7 13.0

Sorell 133.9 141.8 7.9 1.2 9.8 10.1

Ulverstone 134.4 143.2 8.8 2.6 11.3 11.5

Wynyard 135.2 143.0 7.8 2.4 13.7 12.0

Victoria

Ararat 123.7 128.0 4.3 –12.6 0.9 0.1

Bairnsdale 124.2 125.4 1.2 –15.2 –2.3 –2.2

Ballarat 118.4 127.2 8.8 –13.4 –0.2 –1.0

Benalla 130.1 138.8 8.7 –1.8 5.6 8.5

Bendigo 117.5 131.1 13.6 –9.5 –1.9 –2.9

Cobram 128.4 138.3 9.9 –2.3 4.2 5.3

Colac 132.6 137.7 5.1 –2.9 5.2 7.4

Corryong 135.7 146.3 10.6 5.7 8.8 12.1

Echuca 128.8 131.9 3.1 –8.7 2.3 5.1

Euroa 130.1 136.4 6.3 –4.2 5.0 3.2

Geelong 127.6 139.4 11.8 –1.2 –2.2 –1.7

Hamilton 132.8 136.6 3.8 –4.0 4.7 7.6

Horsham 133.1 137.0 3.9 –3.6 5.0 8.7

Kyabram 126.2 137.0 10.8 –3.6 5.2 4.9

Lakes Entrance 132.8 140.1 7.3 –0.5 2.4 8.6

Leongatha 132.8 141.4 8.6 0.8 6.0 6.1

Mildura 131.3 138.6 7.3 –2.0 4.9 5.8

Moe 131.3 140.3 9.0 –0.3 1.2 4.3

Morwell 131.2 135.1 3.9 –5.5 3.3 5.0

Portland 124.3 140.0 15.7 –0.6 1.6 2.3

Sale 123.9 138.4 14.5 –2.2 3.8 3.5

Seymour 129.2 139.6 10.4 –1.0 –0.1 1.0






Shepparton 123.6 137.3 13.7 –3.3 4.6 4.5

Swan Hill 133.4 139.7 6.3 –0.9 5.7 8.6

Traralgon 130.1 133.0 2.9 –7.6 3.1 2.9

Wallan 128.0 138.7 10.7 –1.9 –0.8 –1.8

Wangaratta 128.3 133.8 5.5 –6.8 6.2 3.0

Warrnambool 128.6 136.2 7.6 –4.4 0.3 0.9

Wodonga 128.7 139.2 10.5 –1.4 2.5 4.0

Yarrawonga 131.0 142.3 11.3 1.7 2.6 7.3

Western Australia

Albany 130.4 139.6 9.2 –1.0 6.6 7.0

Bridgetown 137.7 146.3 8.6 5.7 11.0 12.4

Broome 141.1 143.1 2.0 2.5 26.3 18.5

Bunbury 128.6 139.2 10.6 –1.4 1.3 5.2

Busselton 128.7 138.1 9.4 –2.5 4.4 5.2

Carnarvon 148.8 149.1 0.3 8.5 21.6 23.7

Collie 135.1 142.1 7.0 1.5 5.9 9.6

Dongara 141.8 152.5 10.7 11.9 16.8 19.6

Esperance 134.1 138.8 4.7 –1.8 11.8 13.2

Geraldton 131.9 142.9 11.0 2.3 8.0 10.5

Kalgoorlie 127.9 137.1 9.2 –3.5 6.7 8.1

Karratha 142.9 147.9 5.0 7.3 17.4 22.4

Manjimup 132.2 140.8 8.6 0.2 10.3 9.4

Port Hedland 142.1 146.6 4.5 6.0 16.3 21.1

1004 ACCC Petrol Report Macro July 2015 FA

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Transcript of 1004 ACCC Petrol Report Macro July 2015 FA