Despite drivers paying eye-watering petrol prices across the country, data shows Australia is paying some of the cheapest prices globally.
The average retail price across the nation reached 176.9 cents last week, with the wholesale price hitting 166.1 cents.
That figure 12 months ago was 13.3 cents cheaper, according to the Australian Institute of Petroleum (AIP).
By February 13, Sydneysiders on average paid 166.9 cents per litre, in Melbourne and Adelaide the average price was 166.4 cents per litre, Brisbane drivers paid 166.1 cents per litre, while those in Perth forked out 166.8 cents per litre.
Drivers in Darwin and Hobart paid the most, with prices reaching 170.9 cents per litre and 170.8 cents per litre respectively.
The cost of petrol in regional areas is generally higher but more stable compared with prices in the capital cities, as petrol prices are typically influence by distance the petrol must travel to get to the pump.
As Australia is part of the Asia-Pacific fuel market, it looks to Singapore – being the regional refining and distribution centre – for its benchmark pricing.
On average, the Singapore benchmark price of petrol plus the shipping costs and Australian taxes represents almost the entire wholesale price of petrol.
But AIP data shows Australia is paying some of the cheapest petrol compared with other countries from around the world.
Once prices are converted to Australian dollars, the Netherlands tops the Organisation for Economic Co-operation and Development (OECD) list, paying about 275 cents per litre.
Finland, Greece, Portugal, Italy, Israel, Denmark and Norway all hover around 250 cents.
Australia (27th) was in the bottom five of the 31 countries listed, while Turkey paid the least at 125 cents per litre.
While the fuel component price was not too dissimilar for all countries, Australia’s tax component was less than all but three countries.
December’s Consumer Price Index rose 3.5 per cent from the previous 12 months, with fuel being one of the biggest contributors to inflation in 2021.
Fuel prices continually rose over six consecutive quarters. which resulted in the strongest annual rise since 1990, according to the Australia Bureau of Statistics.
NRMA spokesperson John Macgowan said global factors, like the tightening supply through North Africa and the Middle East as well as ongoing tensions in Ukraine, were to blame for the hike in prices.
He said Australia was paying the highest wholesale prices for regular unleaded fuel on record.
“The global financial crisis (from 2007 to 2008) was the last time consumers paid this much for regular unleaded and E10,” Mr Macgowan said.
“Brisbane and northern NSW led the nationwide prices during the last six month. Given the high global oil prices, other jurisdictions will continue to see escalating prices until we get some relief in oil demand.”
Mr Macgowan said there was no forecasting around when prices could drop in future but predicted it would “unlikely” be in the short term.
Australians were previously warned the record high petrol prices could remain for weeks and have been encouraged to shop around for the best prices.
