Petrol prices have skyrocketed over the past week, with Yass Valley motorists paying on average 16¢ a litre above the average in the September quarter.
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Yass Valley motorists are paying an average of 136¢ a litre for E10 petroleum, taken on Wednesday, November 30, up from the average of 120.2 released in the Australian Competition and Consumer Commission’s quarterly report.
The broader regional prices have also risen since October, Goulburn and Crookwell prices currently at 133.9¢ a litre, a huge leap from it’s 104.3¢ a litre quarterly average. In Queanbeyan the average price is currently 124.9¢ a litre, up from their quarterly average of 116.9¢ a litre.
In it’s eighth year, the report was conducted by the ACCC into the Australian petroleum industry and has revealed a decrease in petrol prices across NSW in the quarter ending September 2016.
The ACT’s average currently sits at 128.4, where average retail prices between June to September in Canberra (122.4¢ a litre) were 8.2¢ higher than in the five largest cities, which averaged 114.2¢ a litre. In Hobart they were 124.6¢ a litre, or 10.4¢ higher and in Darwin (115.9¢ a litre) they were 1.7¢ higher.
Despite the drop in the state’s average, the Yass Valley hasn’t been able to share in the benefits. As of Wednesday, the state average was 113.5¢ a litre, local motorists were paying 23¢ more.
According to ACCC Chairman Rod Sims, international factors have strongly influence the price at the bowser.
“A drop in refiner margins in the last quarter has helped to push prices down locally,” he said.
In the September quarter 2016, taxes represented around 44 per cent of the retail price of petrol in Australia. Much lower than other developed countries.
“A global comparison has also shown that Australian prices have remained extremely competitive by international standards as a result of the relatively low rate of taxation on fuel,” Mr Sims said.
The ACCC says prices are generally higher in regional locations and some contributing factors can include; a lower level of local competition; lower volumes of fuel sold; distance factors; and lower convenience store sales.
The ACCC urged motorists to seek out the discounters and apply consumer pressure to service stations with peak price fuel.