Fuel prices in Australia may fall within one to two weeks — ABC News Australia
In Australia, retail prices for petrol and diesel fuel will not fall immediately despite Brent crude dropping to its lowest level in several weeks, ABC News Australia reports. Experts suggest that drivers may see some price relief within one to two weeks if lower global prices persist.
Brent prices and market delay
Over the week, Brent fell from $110 to $98 per barrel. However, this remains above the pre-war average of $72. The decline in quotations is linked to the resumption of operations at Saudi Arabia's East-West Pipeline, which was damaged during attacks by Iran-backed Houthis more than a week ago.
NRMA representative Peter Khoury noted that the Gasoil indicator, used as a benchmark for diesel fuel, fell from $200 to $174 over the week. According to him, the transmission of global price declines to the retail segment may take up to 10 days.
Impact of wars and supply disruptions
The International Energy Agency warned that many oil refineries are already operating at the limits of their capacity. According to the agency's assessment, this leaves little room to prevent further supply reductions and price increases in the coming months.
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The report notes that conflicts in Iran and Ukraine have reduced fuel exports from major producers, including Russia — an aggressor state — Saudi Arabia and the United Arab Emirates. Australia relies heavily on imported fuel, including supplies from Singapore, South Korea and Japan, and therefore remains vulnerable to regional supply disruptions.
Situation at petrol stations
According to the Australian Institute of Petroleum, on September 20 the national average price of unleaded petrol was 227.3 cents per litre, while diesel fuel cost 273.6 cents. A week earlier, the figures were 211.1 and 257.7 cents per litre, respectively.
RACQ economist Ian Jeffreys believes that if international prices decline steadily, fuel in Queensland may become cheaper by up to 5 cents per litre. Experts advise drivers to focus not on daily Brent fluctuations, but on the stability of oil and petroleum product prices over the coming weeks.
