The National Roads and Motorists’ Association (NRMA) reports that the most expensive city to buy petrol in Australia is Brisbane, where prices averaged 193.4 cents per litre in 2023. The data further reveals that the cheapest city to buy petrol is Perth, followed by Adelaide and Darwin. Over the years, average yearly petrol prices in Brisbane and other major cities have seen a surge between 2017 and 2023. This increase in prices has contributed significantly to Australia’s inflation crisis and rising interest rates.
According to NRMA spokesperson Peter Khoury, the surge has a negative impact not only on Australian families but also on the country’s economy. He noted Australia’s exposure to world oil prices was painfully apparent, highlighting that fuel prices have substantially contributed to the nation’s inflation crisis and the rising interest rates. Khoury further emphasized the need for ongoing transparency of fuel prices in Australia.
Real-time data reforms have been implemented in all states and territories in Australia, with the exception of Victoria. The NRMA has called for ongoing transparency, as fuel price movements are significantly affected by global oil markets, and these fluctuations led to increased petrol prices in 2023. Record oil production from the United States and other non-OPEC countries played a role in placing downward pressure on prices, delivering some relief by the end of the year.
The rising fuel prices were accompanied by a 7.2 percent rise in automotive fuel, as indicated in the most recent Consumer Price Index (CPI) report from the Australian Bureau of Statistics (ABS). The release showed a 1.2 percent overall rise in the September quarter, and the next release for the December quarter is due on January 31st. The growing fuel prices have significantly contributed to the country’s inflation crisis, with petrol prices hitting record highs. These rising prices led to increased inflation rates and placed significant pressure on the country’s economic situation.