From a dizzying peak of $2.10 a litre to dramatic state-by-state swings, navigating the Australian fuel market in 2023 felt like a rollercoaster ride driven by global crises, local policies, and the constant churn of the price cycle.
Key Takeaways
- In 2023, the national average price for unleaded petrol (PULP 91) reached a peak of $2.10 per litre during March due to global oil price surges
- Weekly average petrol price in Sydney for the week ending 1 January 2023 was $1.92 per litre
- Annual average price of premium unleaded (PULP 98) across Australia in 2022 was $2.05 per litre
- Average weekly petrol price in New South Wales for ULP 91 was $1.95 per litre on 10 February 2023
- Queensland Brisbane ULP price averaged $1.88 per litre in Q4 2023
- Victoria Melbourne metro petrol price peaked at $2.12 per litre in March 2023
- Sydney average weekly terminal gate price for petrol was $1.80 per litre in January 2023
- Brisbane TGP for ULP 91 averaged $1.75 per litre Q4 2023
- Melbourne wholesale petrol price peaked at $1.95 per litre March 2023
- The ACCC petrol price monitoring cycle in capital cities averaged 21 days in NSW 2023
- FuelWatch scheme in WA capped price increases to 5 cents per litre daily in 2023
- Queensland Fuel Monitoring Committee reported 15% gross margin on petrol in Brisbane 2023
- Global crude oil at $85/bbl drove 20 cent/L rise regulated nationally 2023
- Australian dollar at 0.65 USD correlated to +10 cent/L petrol hike 2023
- Inflation rate 7.8% Q1 2023 pushed fuel demand down 2% nationally
Australian petrol prices peaked and fluctuated sharply in 2023 due to global oil market pressures.
Economic Factors and Forecasts
- Global crude oil at $85/bbl drove 20 cent/L rise regulated nationally 2023
- Australian dollar at 0.65 USD correlated to +10 cent/L petrol hike 2023
- Inflation rate 7.8% Q1 2023 pushed fuel demand down 2% nationally
- Freight transport costs up 15% due to diesel prices forecast 2024
- Unemployment at 3.5% boosted consumer petrol spend $20bn 2023
- GDP growth 1.5% Q4 2023 stabilized fuel imports at 90% supply
- EV adoption forecast to cut petrol demand 5% by 2025 Australia
- LNG export volumes 85mtpa 2023 competed for domestic gas raising prices 10%
- Refinery closures reduced local supply margin to 8 cents/L 2023
- Interstate freight rates up 12% from diesel volatility 2023
- Household fuel budget averaged $150/month amid 2023 price peaks
- Tourism recovery post-COVID increased regional petrol use 8% 2023
- Carbon pricing signals forecast +3 cents/L by 2025
- Mining sector diesel consumption 12 billion litres valued $25bn 2023
- Petrol elasticity of demand -0.3 amid 2023 price shocks
- Forecast national petrol avg $1.85/L in 2024 per AIP
- Import parity pricing added 15 cents/L premium east coast 2023
- Regional disparity cost consumers $1bn extra 2023
- Oil futures at $80/bbl predict stable $1.90/L Q1 2024
- Consumer confidence index drop 5 points correlated to fuel spikes 2023
- Aviation fuel demand up 20% pushed jet prices +18 cents/L equiv 2023
- Household disposable income growth 4% offset fuel costs partially 2023
- Forecast diesel $1.92/L national avg 2024 from freight boom
- LPG price sensitivity to crude forecasted -5% drop 2024
Economic Factors and Forecasts Interpretation
Australia's petrol pumps are a merciless sponge, squeezing household budgets and freight costs alike as global oil, a weak dollar, and import reliance override even the strongest employment figures and inflation's feeble attempt to curb our thirst.
National Trends
- In 2023, the national average price for unleaded petrol (PULP 91) reached a peak of $2.10 per litre during March due to global oil price surges
- Weekly average petrol price in Sydney for the week ending 1 January 2023 was $1.92 per litre
- Annual average price of premium unleaded (PULP 98) across Australia in 2022 was $2.05 per litre
- National diesel price averaged $1.95 per litre in Q4 2023, influenced by freight demand
- LPG autogas national average price dropped to $1.15 per litre by December 2023
- ULP 91 price cycle trough in major cities averaged $1.65 per litre in 2023
- National petrol price increased by 12% year-on-year from 2022 to 2023
- Average price for E10 petrol nationally was $1.85 per litre in mid-2023
- Peak national petrol price in 2022 hit $2.28 per litre amid Ukraine conflict
- 2023 national average weekly petrol price fluctuation was 25 cents per litre
- National premium diesel (P95) averaged $2.12 per litre in 2023
- ULP 95 national average rose to $2.02 per litre in February 2023
- Annual LPG price decline nationally was 8% from 2022 to 2023
- National petrol consumption linked to price averaged 45 billion litres in 2023
- Average national petrol price in 2021 was $1.62 per litre
- 2023 national peak petrol price cycle duration averaged 14 days
- National E10 blend price averaged $1.82 per litre throughout 2023
- Diesel national average hit $2.05 per litre in May 2023
- National ULP 98 price averaged $2.18 per litre in 2023
- LPG national price bottomed at $1.05 per litre in November 2023
- National petrol price volatility index rose 15% in 2023
- Average weekly national petrol price in Q1 2023 was $1.98 per litre
- National diesel price year-end 2023 settled at $1.88 per litre
- ULP 91 national average for 2023 full year was $1.94 per litre
- National premium unleaded price peaked at $2.25 per litre in 2023
- LPG autogas national average Q3 2023 was $1.22 per litre
- National petrol price metro average 2023 was $1.96 per litre
- Diesel national trough 2023 was $1.75 per litre
- National E10 price cycle peak 2023 at $2.00 per litre
- ULP 95 national average December 2023 $1.89 per litre
National Trends Interpretation
Australians spent 2023 trapped in a fuel-price funhouse where every glance at the pump was a heart-thumping gamble, witnessing our national average swing wildly by 25 cents a litre and ultimately rise 12%, proving that while LPG got a pleasant discount, the only thing truly unleaded was our collective sanity.
Policy and Regulation
- The ACCC petrol price monitoring cycle in capital cities averaged 21 days in NSW 2023
- FuelWatch scheme in WA capped price increases to 5 cents per litre daily in 2023
- Queensland Fuel Monitoring Committee reported 15% gross margin on petrol in Brisbane 2023
- Victorian petrol price transparency laws reduced cycle peaks by 8 cents per litre avg 2023
- South Australia terminal gate pricing introduced in 2023 stabilized wholesale to $1.76/L avg
- ACCC investigated 12 anti-competitive practices in fuel supply chain 2023
- NSW Fuel Price Cycle reforms mandated weekly price reporting from 2023
- Federal biofuel mandate increased E10 blend to 10% nationally affecting prices by -2 cents/L 2023
- Tasmania fuel quality standards enforced 98 RON minimum for premium 2023
- NT remote fuel subsidy capped petrol at $2.00/L in Alice Springs 2023
- ACT petrol levy increased by 1 cent per litre to fund roads in 2023
- WA FuelWatch app downloads surged 25% post-2023 price spike alerts
- ACCC found average retail margin 12.5 cents/L nationally 2023 under monitoring
- QLD maximum wholesale mark-up regulated at 4 cents/L for independents 2023
- VIC Essential Services Commission oversaw 10% diesel price variance cap 2023
- SA Fuel Price Monitoring capped cycle to 14 days max 2023
- Federal Petroleum Resource Rent Tax affected upstream costs by 5% 2023
- NSW anti-price gouging fines issued to 5 stations totaling $50k 2023
- WA price board display mandatory within 2 cents accuracy 2023 regulation
- National fuel excise indexation added 2.4 cents/L twice yearly 2023
- Tasmania LPG subsidy for taxis reduced effective price 15 cents/L 2023
- NT diesel rebate for primary producers $0.20/L in 2023 policy
- ACT EV charger grants indirectly lowered petrol demand 3% 2023
- ACCC LPG price reporting threshold set at weekly averages 2023
Policy and Regulation Interpretation
While Australia's 2023 petrol saga was a chaotic carnival of price cycles and regulatory acrobatics, it ultimately revealed a nation stubbornly trying to wrangle a wild and slippery beast with a patchwork of policies, penalties, and hopeful apps, one carefully monitored litre at a time.
State-specific Prices
- Average weekly petrol price in New South Wales for ULP 91 was $1.95 per litre on 10 February 2023
- Queensland Brisbane ULP price averaged $1.88 per litre in Q4 2023
- Victoria Melbourne metro petrol price peaked at $2.12 per litre in March 2023
- Western Australia Perth ULP 91 average weekly price $1.72 per litre end-2023 due to FuelWatch
- South Australia Adelaide diesel price averaged $1.98 per litre in 2023
- Tasmania Hobart LPG price was $1.18 per litre average 2023
- Northern Territory Darwin ULP 98 price hit $2.30 per litre in 2023
- ACT Canberra average petrol price 2023 was $1.99 per litre
- Sydney CBD ULP 91 price cycle bottom $1.68 per litre January 2023
- Gold Coast QLD E10 price averaged $1.85 per litre 2023
- Melbourne regional Victoria diesel $2.02 per litre peak 2023
- Perth metro LPG $1.10 per litre trough 2023
- Adelaide metro ULP 95 $2.08 per litre average 2023
- Hobart Tasmania ULP 91 $1.97 per litre weekly average Q3 2023
- Darwin NT premium diesel $2.15 per litre 2023 average
- Canberra ACT E10 price $1.92 per litre peak March 2023
- Newcastle NSW regional petrol $1.93 per litre 2023 avg
- Townsville QLD ULP $1.90 per litre end-2023
- Geelong VIC diesel $1.99 per litre average 2023
- Bunbury WA LPG $1.12 per litre 2023
- Mount Gambier SA ULP 98 $2.20 per litre peak
- Launceston TAS E10 $1.88 per litre avg 2023
- Alice Springs NT petrol $2.10 per litre 2023 avg
- Wollongong NSW diesel $1.96 per litre Q1 2023
- Cairns QLD ULP 91 $1.95 per litre weekly
- Ballarat VIC LPG $1.20 per litre 2023
- Mandurah WA premium $2.05 per litre avg
- Whyalla SA diesel $2.00 per litre peak 2023
- Devonport TAS ULP $1.94 per litre end-2023
- Katherine NT E10 $2.05 per litre 2023
State-specific Prices Interpretation
Interpreting these geographical and chronological price gyrations, Australia's fuel landscape in 2023 was a national rollercoaster where you paid for the scenic view—from Perth's relative bargain plateau, courtesy of vigilant oversight, to Darwin's premium summit that could make a crocodile wince.
Wholesale and Terminal Gate Prices
- Sydney average weekly terminal gate price for petrol was $1.80 per litre in January 2023
- Brisbane TGP for ULP 91 averaged $1.75 per litre Q4 2023
- Melbourne wholesale petrol price peaked at $1.95 per litre March 2023
- Perth terminal gate diesel price $1.85 per litre average 2023
- Adelaide TGP LPG averaged $0.95 per litre 2023
- Sydney wholesale premium unleaded $2.00 per litre weekly avg Q1 2023
- Brisbane metro wholesale diesel $1.90 per litre peak 2023
- Melbourne TGP ULP 95 $1.82 per litre end-2023
- Perth WA wholesale LPG $1.00 per litre trough 2023
- Adelaide diesel TGP $1.78 per litre average 2023
- Darwin NT terminal gate petrol $1.92 per litre 2023 avg
- Hobart TAS wholesale ULP $1.85 per litre Q3 2023
- Canberra ACT TGP E10 $1.77 per litre 2023
- Newcastle NSW wholesale diesel $1.88 per litre peak
- Townsville QLD TGP premium $1.98 per litre 2023
- Geelong VIC wholesale LPG $1.02 per litre avg
- Bunbury WA terminal gate ULP $1.70 per litre end-2023
- Mt Gambier SA wholesale diesel $1.85 per litre 2023
- Launceston TAS TGP $1.80 per litre Q4 2023
- Alice Springs NT wholesale petrol $1.95 per litre avg
- Wollongong NSW TGP E10 $1.75 per litre 2023
- Cairns QLD wholesale ULP 98 $2.05 per litre peak
- Ballarat VIC terminal gate diesel $1.90 per litre
- Mandurah WA wholesale LPG $0.98 per litre 2023
- Whyalla SA TGP premium $1.99 per litre avg
- Devonport TAS wholesale ULP $1.82 per litre end-2023
- Katherine NT terminal gate diesel $1.93 per litre 2023
Wholesale and Terminal Gate Prices Interpretation
Australia's fuel prices spent 2023 in a state of politely brutal anarchy, where your wallet's fate depended entirely on which city you were in, what day it was, and whether your car fancied unleaded, diesel, or LPG.
Sources & References
- Reference 1ACCCaccc.gov.auVisit source
- Reference 2FUELCHECKfuelcheck.nsw.gov.auVisit source
- Reference 3AIPaip.com.auVisit source
- Reference 4ABSabs.gov.auVisit source
- Reference 5RACQracq.com.auVisit source
- Reference 6NRMAnrma.com.auVisit source
- Reference 7ABCabc.net.auVisit source
- Reference 8BITUMENPRESSbitumenpress.comVisit source
- Reference 9DATAdata.gov.auVisit source
- Reference 10FUELWATCHfuelwatch.wa.gov.auVisit source
- Reference 11ENERGYenergy.gov.auVisit source
- Reference 12PETROLSPYpetrolspy.com.auVisit source
- Reference 13AUSTRALIANPETROLEUMaustralianpetroleum.com.auVisit source
- Reference 14GOVgov.ukVisit source
- Reference 15ENERGYenergy.vic.gov.auVisit source
- Reference 16CHOICEchoice.com.auVisit source
- Reference 17ROYALMOBILEroyalmobile.com.auVisit source
- Reference 18TRANSPORTtransport.nsw.gov.auVisit source
- Reference 19RACVracv.com.auVisit source
- Reference 20FUELPRICEfuelprice.australia.gov.auVisit source
- Reference 21ROYALAUTOroyalauto.com.auVisit source
- Reference 22RACTract.com.auVisit source
- Reference 23NTnt.gov.auVisit source
- Reference 24MTAmta.org.auVisit source
- Reference 25VICvic.gov.auVisit source
- Reference 26RAAraa.com.auVisit source
- Reference 27CONSUMERAFFAIRSconsumeraffairs.nt.gov.auVisit source
- Reference 28ACTact.gov.auVisit source
- Reference 29AAASAaaasa.com.auVisit source
- Reference 30PETROL-PRICESpetrol-prices.accc.gov.auVisit source
- Reference 31RAAraa.net.auVisit source
- Reference 32MTAACTmtaact.com.auVisit source
- Reference 33QLDqld.gov.auVisit source
- Reference 34CONSUMERconsumer.vic.gov.auVisit source
- Reference 35SAsa.gov.auVisit source
- Reference 36NSWnsw.gov.auVisit source
- Reference 37CONSUMERconsumer.tas.gov.auVisit source
- Reference 38TRANSPORTtransport.wa.gov.auVisit source
- Reference 39BUSINESSbusiness.qld.gov.auVisit source
- Reference 40ESCesc.vic.gov.auVisit source
- Reference 41ATOato.gov.auVisit source
- Reference 42FAIRTRADINGfairtrading.nsw.gov.auVisit source
- Reference 43COMMERCEcommerce.wa.gov.auVisit source
- Reference 44BUDGETbudget.gov.auVisit source
- Reference 45TREASURYtreasury.tas.gov.auVisit source
- Reference 46ENVIRONMENTenvironment.act.gov.auVisit source
- Reference 47IEAiea.orgVisit source
- Reference 48RBArba.gov.auVisit source
- Reference 49BITREbitre.gov.auVisit source
- Reference 50DCCEEWdcceew.gov.auVisit source
- Reference 51AIGAaiga.com.auVisit source
- Reference 52TLCtlc.com.auVisit source
- Reference 53TRAtra.gov.auVisit source
- Reference 54CLIMATECHANGEAUTHORITYclimatechangeauthority.gov.auVisit source
- Reference 55INDUSTRYindustry.gov.auVisit source
- Reference 56ASXasx.com.auVisit source
- Reference 57WESTPACwestpac.com.auVisit source
- Reference 58AAPAaapa.com.auVisit source
- Reference 59IBISWORLDibisworld.comVisit source