Petrol Prices Hit Lowest Point in Over a Year: Time to Fill Up!

If you’ve been holding off on filling up your car, now might be the perfect time to head to the petrol station. The average pump price of unleaded petrol has dropped to the lowest level so far this year and, for many states, the lowest in over 13 months.

According to Fuelprice.io, a fuel price aggregator website, the average price of a litre of 91RON unleaded petrol is hovering around $1.85, although this can vary depending on which state you’re in.

Western Australia and South Australia have seen the steepest drop, with petrol prices dipping to their lowest since January this year. Meanwhile, other states are experiencing prices that haven’t been seen for about a year. But before you trade in your hybrid for a V8, it’s important to note that even at $1.85 per litre, prices are still about 12% lower than the peak pricing in 2022, which was around $2.11 per litre. However, they remain approximately 26% higher than they were in 2019, when prices were about $1.47 per litre.

Why Are Petrol Prices Dropping?

The drop in petrol prices can be attributed to a decline in crude oil prices, which have settled at their lowest point this year, around $76 USD per barrel (approximately $112 AUD). However, it's worth noting that the price of Brent Crude hasn’t dipped below $70 USD per barrel (about $103 AUD) since late 2021, indicating more of a stabilisation than a significant drop.

Global politics, as always, plays a crucial role in oil prices. A slowing demand for oil in major markets like China and the USA has contributed to keeping prices low and stable. On the other hand, tensions in the Middle East could potentially trigger a price increase, making the current dip an opportune time to fill up.

Make the Most of the Low Prices

Our advice is to take advantage of these lower prices while they last. Consider using price-fixing apps or loyalty discounts to further ease the burden on your wallet. Every little bit helps, especially in times of economic uncertainty.

So, if you’ve been thinking about filling up, now’s your chance to do so at a relatively lower cost. Drive safe, and happy savings!