The latest figures from the Australian Competition and Consumer Commission (ACCC) confirm what everyone hitting a bowser had noticed: petrol was a lot cheaper in the last three months. However, that doesn't mean we should expect the trend to continue.
Picture: Newtown Graffiti
Having previously reported on petrol prices annually, the ACCC is now examining them every three months. The average price across the five largest capital cities fell from 151.9 cents per litre in June 2014 to 123.8 cents per litre in December.
"The combined reduction in petrol prices of 42.7 cpl is unusual, and would be worth around $1000 per year to the average household if sustained," ACCC chairman Rod Sims said in a statement announcing the report. "However, petrol prices are volatile. Over half of the petrol price that Australians pay at the pump is due to the international price of fuel."
The report also highlights that regional users are paying an increasingly large premium. Regional prices were 5.4 cents per litre higher on average in June 2014, but that gap had risen to 17.5 cents per litre by the end of December.
Petrol prices have an impact on lots of areas, but the brutal reality is this: no matter how cheap or expensive they get, Australians won't be lining up to get rid of their cars.