This week we witnessed some extreme examples in wholesale price movements between petrol and diesel. The movements are based off Singapore spot prices, and while these prices often move independently of each other, it’s rare for one to go up by 8cpl and the other one to go down by 6cpl. This is a striking example of the volatility in the market that’s created by current uncertainty in both supply and demand.
Brisbane
Current ULP average: 209.9cpl
Price range over the last week: 165.5cpl – 219.9cpl
In the last week, the rest of Brisbane reached new peak prices of either 215.9cpl or 219.9cpl, which resulted in the average moving up significantly. The continuing rise of wholesale petrol prices has also possibly slowed the beginning of a discounting cycle in certain areas.
Sydney
Current ULP average: 207.5cpl
Price range over the last week: 169.5cpl – 229.9cpl
Much like last week, Sydney is again in a very similar situation to Brisbane. This is most likely because the pressure from the increasing wholesale prices is triggering the rest of the market to move up.
Melbourne
Current ULP average: 201.2cpl
Price range over the last week: 167.9cpl – 220.7cpl
Although Melbourne is a little further along in the discounting stage of its price cycle, there was almost no change in the average price in the past week.
Adelaide
Current ULP average: 206.5cpl
Price range over the last week: 168.9cpl – 220.6cpl
Adelaide has just seen a new peak price of 215.9cpl. There are still a handful of retailers who have not increased their prices, but it’s likely that this will change soon.
Perth
Current ULP average: 199.3cpl
Price range over the last week: 168.7cpl – 219.7cpl
Perth is currently mid-cycle, and the low point is expected next Tuesday, 31st of May 2022.
Darwin (no price cycle)
Current ULP average: 197.4cpl
Price range over the last week: 131.9cpl – 199.9cpl
In the last week, Darwin prices increased by approximately 5cpl. The prices will likely keep rising due to the significant increases in wholesale prices.
Hobart (no price cycle)
Current ULP average: 199.1cpl
Price range over the last week: 168.9cpl – 219.9cpl
Hobart is in a similar situation to Darwin, with more price increases expected to follow.
Retail diesel prices
Current Diesel averages:
ACT – 210.6cpl
Adelaide – 207.2cpl
Brisbane – 210.5cpl
Darwin – 208.9cpl
Hobart – 219.4cpl
Melbourne – 209.1cpl
Perth – 205.7cpl
Sydney – 208.6pl
The wholesale diesel prices seem to have peaked for the time being, as there hasn’t been a lot of movement in average prices this week.
Wholesale trends
Wholesale petrol prices rose this week, with average TGP prices increasing by 8.5cpl.
Wholesale diesel prices decreased again this week, with average TGP prices dropping by 6.0cpl.
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Information is based on average price trends up to 10 am AEDT on 23 May 2022. The predictions are based on past fuel price trends and estimated forecasts, and should not be taken as a guarantee of actual or future performance. Fuel price data is aggregated from state government price reporting schemes and from WEX Australia fuel card transactions. Please note: Hobart and Darwin do not experience price cycles.
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