The end of the ride? Petrol prices settle for Christmas
The crazy rollercoaster ride of 2022 petrol prices has settled, right back to where we started!
It has been a wild ride at the bowser this year, with dramatic fuel price fluctuations seeing variations of more than 30 per cent in the price of petrol in some states.
Since tracking national fuel prices (95RON capital city average per state), we noted a high price point of $2.36 in the ACT at the end of June 2022, and a low point of $1.76 per litre in South Australia in late September 2022.
| NSW | Victoria | Queensland | SA | Tasmania | NT | ACT | WA | |
| Lowest price | $1.84 | $1.78 | $1.83 | $1.76 | $1.88 | $1.94 | $1.88 | $1.81 |
| Highest price | $2.17 | $2.26 | $2.27 | $2.35 | $2.29 | $2.14 | $2.36 | $2.16 |
| Variation | 17.9% | 27.0% | 24.0% | 33.5% | 21.8% | 10.3% | 25.5% | 19.3% |
Global oil pricing pressures and supply concerns initiated by the Russian invasion of Ukraine paired with a local cut, then reinstatement, of the federal fuel excise have kept things moving around, but it seems that for now, petrol prices are back to 'normal'.
As of 18 December 2022, the average price for 95RON around Australia is $1.94 per litre, exactly what it was when we started tracking the prices on 1 March 2022.
Drivers in Western Australia have the most affordable fuel at $1.88 per litre, whereas Northern Territory remains highest at $2.02 per litre.
This puts all states within 10 per cent of the low prices paid before the fuel excise cut was revoked on 29 September 2022, and all well short of the additional $0.25 per litre imposed by the excise.
| NSW | Victoria | Queensland | SA | Tasmania | NT | ACT | WA | |
| 95RON today | $1.93 | $1.94 | $1.93 | $1.90 | $1.97 | $2.02 | $1.94 | $1.88 |
| 95RON with excise | $1.89 | $1.81 | $1.84 | $1.80 | $1.88 | $1.99 | $1.92 | $1.84 |
| Variation | 2.3% | 7.2% | 5.1% | 5.4% | 4.8% | 1.5% | 1.0% | 2.2% |
Even diesel, which in late October was priced at $2.28 per litre, 25 per cent above 91RON (Sydney metropolitan average), has settled to $2.11 per litre, 17 per cent higher than 91RON.
Note that this is still well higher than its near parity with 91RON in June, but any improvement is good.
Oil too has dropped, with a year-low of $US71.02 per barrel ($AU105.80) reported last week, a significant milestone as oil hasn't declined in the way it has this year since 2014.
The output of all this is that motorists can enjoy a relatively routine Christmas fill-up this year.
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