Fuel prices today: Gasoline prices on the rise again, despite excise duty reduction

Fuel prices are trending up again, with prices in all states above $2 per liter for 95RON unleaded gasoline. It comes just months after fuel excise duties were halved and is expected to last for a total of six months.

Just months after fuel excise duties were halved on pump prices in Australia, petrol and diesel prices are rising again across the country.

At the time of writing, all Australian states were reporting prices above $2 per liter for unleaded (premium 95) petrol. Diesel prices are trending higher with prices above $2 a liter nationally as well.

Using that same 95RON as a barometer across the country, motorists in Sydney pay the most for petrol at $2.24 per litre, while those in Adelaide fare better paying $1.92 per litre. .

According to historical data provided over the course of a month by fuel prices australia, the price of gasoline has gone from just under $1.80 to now $2.24 in Sydney. It’s a similar story in Melbourne and Brisbane. However, it looks like prices have started to stabilize in Melbourne.

Average state fuel price for unleaded gasoline (95RON)

State Average price $/L
LAW $2.09
New South Wales $2.05
North territory $2.18
queensland $2.08
South Australia $2.02
Tasmania $2.13
Victoria $2.04
Western Australia $2.07

The price increases come after the Australian government halved excise duty on fuel in March, from 44.2 cents per liter to 22.1 cents per litre. The reduction applies to all types of unleaded petrol per tonne (regardless of octane rating) as well as diesel.

This fuel excise duty reduction is expected to last for six months, which does not explain why prices are on the rise again. Conflict in Eastern Europe, supply chain complications and predatory behavior by international oil suppliers were blamed for record prices in March.

The Australian Competition and Consumer Commission (ACCC) announced in late March that it was committed to “monitoring” domestic fuel prices.

“If retailers make false or misleading representations to consumers that they have passed on the savings when they have not, the ACCC will not hesitate to take appropriate enforcement action,” said the President of the ACCC.

Average state fuel price for diesel

State Average price $/L
LAW $2.11
New South Wales $2.10
North territory $2.26
queensland $2.10
South Australia $2.09
Tasmania $2.17
Victoria $2.12
Western Australia $2.07

It’s unclear how fuel prices will continue to evolve in the weeks and months to come, but motorists are advised to make full use of fuel vouchers and price tracking apps in order to get the best price.

Tom started out in the automotive industry exploiting his talents as a photographer, but quickly learned that journalists got the best out of the business. He started with CarAdvice in 2014, left in 2017 to join Bauer Media titles including Wheels and WhichCar, then returned to CarAdvice in early 2021 as it transitioned to Drive. As part of the Drive content team, Tom covers automotive news, car reviews, tips and has a particular interest in feature films. He understands that every car shopper is unique and has different requirements when it comes to buying a new car, but there’s also a loyal subset of the Drive audience who enjoy entertaining enthusiast content. Tom has a deep respect for all things automotive, regardless of model, priding himself on noticing the subtle things that make every car tick. Not a day goes by that he doesn’t learn something new in an ever-changing industry, which then gets passed on to the Drive reader base.

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