Retail petrol prices across Australia's five largest cities moved higher in the March quarter 2025, according to the ACCC's latest quarterly petrol monitoring report.
In the March quarter 2025, average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 182.2 cents per litre (cpl), an increase of 2.4 cpl from the previous quarter.
Quarterly average retail prices were higher in Sydney, Brisbane and Perth and only marginally lower in Melbourne (by 0.7 cpl) and Adelaide (by 0.4 cpl).
A lower AUD-USD exchange rate was the main contributor to higher average retail prices
Higher retail petrol prices on average largely reflected the impact of a lower AUD-USD exchange rate, which makes the international cost of refined petrol relatively more expensive in Australian dollar terms.
In the March quarter 2025, the AUD-USD exchange rate averaged US 62.7 cents, which was the lowest quarterly average AUD-USD exchange rate in more than 20 years.
The international price of refined petrol (Mogas 95) is traded in US dollars in global markets and made up the largest component of average retail petrol prices.
The following figure shows the impact of changes in various components on average retail petrol prices across the five largest cities between the December quarter 2024 and the March quarter 2025.
Components of average retail petrol prices across the five largest cities - Australian cpl
Source: ACCC calculations based on data from Informed Sources, Argus Media, Ampol, bp, Mobil, Viva Energy, FuelWatch, the Reserve Bank of Australia and the Australian Taxation Office.
Notes:
cents per litre change from the previous quarter)
Excise and wholesale goods and services tax (66.0 cpl) excludes a component of retail goods and services tax (1.3 cpl) in the above chart. This is for consistency in reporting gross indicative retail difference figures throughout this report, which include a small component of goods and services tax. Total excise and goods and services tax for both wholesale and retail (67.3 cpl) is shown in the petrol bowser in the 'March quarter 2025 - Petrol snapshot'.
If the quarterly average AUD-USD exchange rate had remained the same, Mogas 95 prices would have decreased by 0.5 cpl in the quarter. Instead, the lower AUD-USD exchange rate meant that average Mogas 95 prices increased by 2.9 cpl in Australian dollar terms.
"The lower AUD-USD exchange rate meant that consumers paid higher prices on average at the bowser in the most recent quarter," Commissioner Anna Brakey said.
Other components of retail prices include taxes, wholesale costs and margins, and retail costs and margins (represented by gross indicative retail differences). Gross indicative retail differences are a broad indicator of gross retail margins and include both retail operating costs and retail profits.
Petrol gross indicative retail differences were 14.4 cpl across the five largest cities in the quarter, a decrease of 2.8 cpl from the previous quarter. They varied between the five largest cities, and were lowest in Adelaide (7.6 cpl) and highest in Brisbane (24.2 cpl).
Average retail petrol prices were higher in the smaller capital cities and on average across the regions
In Canberra, Hobart and Darwin quarterly average retail petrol prices were also higher from the previous quarter. Quarterly average retail petrol prices in Canberra were the highest among the eight capital cities.
Across 190 regional locations that the ACCC monitors, average retail petrol prices across regional locations (in aggregate) were 184.3 cpl, an increase of 4.8 cpl from the previous quarter. On average, regional retail prices across all locations were 2.1 cpl higher than prices across the five largest cities (182.2 cpl).
"We continue to encourage consumers to use information available through fuel price apps and websites to find lower priced retailers and save money where possible," Ms Brakey said.
"Fuel price transparency schemes collect price data for display on fuel price apps and websites. In January, the Victorian Government announced a price transparency scheme to be phased in over 2025, which would then mean every jurisdiction in Australia is covered by one of these schemes."
After initial uptick, international crude oil prices then trended downward in the quarter
International prices for refined petrol (Mogas 95) are largely driven by international crude oil prices. In the March quarter 2025, after an initial increase, crude oil prices largely trended downward.
This downward trend was influenced by international factors, including concerns of lower demand stemming from the United States' plans for higher tariffs, the potential for Russian oil supply to re-enter the market as part of a peace deal with Ukraine, and several OPEC countries increasing supply.
Diesel prices were higher in all capital cities for the first time in four consecutive quarters
Quarterly average retail diesel prices increased in all eight capital cities. Across the five largest cities, quarterly average retail diesel prices were 186.9 cpl, an increase of 9.8 cpl from the previous quarter. Retail diesel prices generally followed international diesel benchmark prices, which accounted for the largest component of retail diesel prices.
The higher quarterly prices followed four consecutive quarters of decline, from the December quarter 2023 to the December quarter 2024.
Note
'Petrol' means regular unleaded petrol unless otherwise specified.
Price changes are reported in nominal terms unless otherwise specified.
Singapore Mogas 95 Unleaded (Mogas 95) is the relevant international benchmark for the wholesale price of petrol in Australia. Singapore Gasoil with 10 parts per million sulphur content (Gasoil 10 ppm) is the international benchmark for the wholesale price of diesel.
Background
The ACCC has been monitoring retail prices in all capital cities and over 190 regional locations across Australia since 2007.
On 14 December 2022, the Treasurer issued a direction to the ACCC to continue to monitor the prices, costs and profits relating to the supply of petroleum products in the petroleum industry in Australia and produce a report every quarter for a further three years.
