economic brief
Fuel Prices May 2017
The following information was sourced from the
Australian Institute of Petroleum (AIP) and the
Australian Competition and Consumer Commission
(ACCC).
Gross indicative retail differences (GIRDs) are the
average retail price less the published terminal gate
prices and are used as an indication of gross retail
margins.
The reported monthly average price for April 2017 is
for the four weeks ending 4 June 2017 unless
otherwise stated.
Chart 1: Retail Unleaded Petrol Price (ULP)
(monthly average)
cpl
Northern Territory
190
170
150
130
Australia
110
90
70
Unleaded Petrol
50
The average retail price of unleaded petrol (ULP)
across the Territory was 133.2 cents per litre (cpl).
The monthly average retail ULP price differential
between the Territory and the national average was
6.2 cpl (Chart 1).
30
Darwin
Average retail
ULP price
Monthly
change
131.4 cpl
0.2 cpl
Alice Springs
Katherine
n.p.
2
140.5 cpl
Tennant Creek
n.p.
0.1 cpl
2
price differential
10
-10
07
08
09
10
11
12
13
14
15
16
17
Year ended June
Source: Australian Institute of Petroleum, DTF
Chart 2: Retail ULP Price and Gross Indicative Retail
Difference (March 2017 average)
cpl
160
140
Northern Territory Average1
133.2 cpl
0.8 cpl
120
Australia1
127.0 cpl
1.8 cpl
100
126.6 125.4 127.2 129.8 131.4
123.5 124.4
138.7
127.0
1
weighted average
2
AIP did not publish fuel price data
The Darwin average retail price of ULP was 131.4 cpl,
the second highest retail price of all capital cities
(Chart 2).
Darwin recorded an average GIRD for ULP of
12.4 cpl, equal with the national average GIRD for
ULP (Chart 3). This was the third highest GIRD for the
month, behind Melbourne and Hobart. GIRDs across
the capital cities ranged from 8.9 cpl in Brisbane to
19.2 cpl in Hobart.
ACCC Fuel Price Monitoring
The ACCC released its Report on the Australian
Petroleum Market for the December quarter 2016 on
22 February 2017. The Report can be accessed here.
The Report follows the ACCC’s regional study into the
Darwin petrol market in 2015, which found that fuel
prices in Darwin over 2012-13 and 2013-14 were
significantly higher than expected, largely driven by
weak retail competition.
In the December quarter 2016, the average retail ULP
price in Darwin was 126.0 cpl, 4.0 cpl higher than the
five largest cites (Sydney, Melbourne, Brisbane,
Adelaide and Perth).
In the December quarter 2016, monthly average
GIRDs in Darwin were 10.6 cpl, an increase of 3.1 cpl
from the previous quarter.
80
60
40
20
0
Bris Syd Adel Perth Melb Can* Dar Hob Aust
Retail Price (labelled)
GIRD
*No fuel import terminal in Canberra
Source: Australian Insitute of Petroleum, DTF
Chart 3: ULP Gross Indicative Retail Difference
(monthly average)
cpl
35
Darwin
30
25
20
15
10
5
Australia
0
-5
07
08
09
10
11
12
13
14
15
Year ended June
Source: Australian Insitute of Petroleum, DTF
Economic Group │ Department of Treasury and Finance │ (08) 8999 6801 │ www.treasury.nt.gov.au │ [email protected]
16
17
economic brief
Fuel Prices
May 2017
Diesel
The monthly average retail price of diesel in the
Territory was 131.9 cpl. This was 11.4 cpl higher than
the same time last year and 0.3 cpl higher than the
previous month (Chart 5).
The monthly average retail diesel price differential
between the Territory and the national average was
3.7 cpl.
Average retail
price of diesel
Monthly
change
Darwin
131.2 cpl
0.5 cpl
Regional Average1,2
133.0 cpl
flat
Northern Territory Average2
131.9 cpl
0.3 cpl
Australia2
128.3 cpl
0.5 cpl
1
AIP does not report on diesel prices for individual regional areas of
the Northern Territory
2
weighted average
In Darwin, the monthly average retail price for diesel
was 131.2 cpl. This was the second highest retail
price of diesel recorded amongst all capital cities
(Chart 6). Nationally, the average price of diesel was
128.3 cpl.
The average Darwin GIRD for diesel was 15.5 cpl.
This was the third lowest of all capital cities, which
ranged from 12.9 cpl in Adelaide to 20.1 cpl in Hobart
(Chart 6). Darwin GIRD for diesel was 0.8 cpl lower
than the national average of 16.3 (Chart 7).
Chart 5: Retail Diesel Price
(monthly average)
cpl
Northern Territory
190
170
150
130
Australia
110
90
70
50
price differential
30
10
-10
07
08
09
10
11
12
13
14
15
16
17
Year ended June
Source: Australian Insitute of Petroleum, DTF
Chart 6: Diesel Price and Gross Indicative Retail
Difference (March 2017 average)
cpl
140
127.6 128.0 130.7 131.0 131.2
124.8 124.9
136.7
128.3
120
100
80
Tapis Crude Oil
Average
spot price
(per barrel)
Monthly
Change
Annual
Change
Tapis Crude $US
51.84
4.1%
5.5%
Tapis Crude Oil $AU
69.83
3.1%
3.2%
The monthly average spot price of Tapis crude oil
decreased by 3.1 per cent in the month to
$69.83 per barrel in Australian dollar terms (Chart 4).
This corresponds to a decrease of 1.4 cpl in the
month, in Australian dollar terms.
60
40
20
0
Syd Adel Bris Melb Perth Can* Dar Hob Aust
Retail Price (labelled)
GIRD
*No fuel import terminal in Canberra
Source: Australian Insitute of Petroleum, DTF
Chart 4: Tapis Crude Oil Prices
Chart 7: Diesel Gross Indicative Retail Difference
(monthly average)
$ per barrel
160
(monthly average)
cpl
40
35
140
Darwin
30
120
$A
25
100
$US
80
20
60
15
40
10
20
5
Australia
0
0
07
08
09
10
11
12
13
14
15
16
17
Year ended June
Source: Reserve Bank of Australia, National Australia Bank, DTF
Released: 5 June 2017 │ Next Release: 3 July 2017 (indicative)
07
08
09
10
11
12
13
14
15
16
17
Year ended June
Source: Australian Insitute of Petroleum; DTF
2
economic brief
Fuel Prices
May 2017
Table 1: Monthly Average Fuel Prices
Monthly average
for the week ending (cpl)
05 Jun 16
07 May 17
04 Jun 17
Unleaded petrol
Retail price
Northern Territory
Darwin
Alice Springs
Katherine
Tennant Creek
Australia
-0.8
-0.2
15.0
16.5
-0.1
22.5
-1.8
7.4
119.0
114.6
-2.2
-2.2
4.8
4.5
10.4
12.0
12.4
12.4
2.0
0.4
11.6
2.9
-1.3
-4.6
5.2
2.8
6.2
4.4
1.0
1.6
7.6
9.0
Diesel
Retail price
Northern Territory
Darwin
Regional Average*
Australia
120.5
118.9
122.9
116.7
131.6
130.7
133.0
128.8
131.9
131.2
133.0
128.3
0.3
0.5
0.0
-0.5
11.4
12.3
10.1
11.6
Terminal gate price3
Darwin
Australia
110.7
107.0
118.0
114.2
115.7
112.0
-2.2
-2.3
5.1
4.9
8.2
9.6
12.7
14.5
15.5
16.3
2.8
1.8
7.3
6.7
3.8
2.2
2.9
1.9
3.7
2.9
0.8
1.0
-0.1
0.7
Terminal gate price
Darwin
Australia
118.3
114.9
129.9
118.1
n.p.
119.6
134.0
131.6
n.p.
140.6
n.p.
128.8
133.2
131.4
n.p.
140.5
n.p.
127.0
114.1
110.1
121.1
116.8
0.8
9.5
Change (cpl)
monthly 1 annual2
3
Gross Indicative Retail Difference (GIRD)4
Darwin
Australia
Retail Price Differential from Australia
Nothern Territory
Darwin
Gross Indicative Retail Difference (GIRD)4
Darwin
Australia
Retail Price Differential from Australia
Nothern Territory
Darwin
Table 2: Monthly Average Crude Oil Prices
Monthly average
for the week ending ($)
05 Jun 16
07 May 17
04 Jun 17
Tapis spot price in $US per barrel
Tapis spot price in $A per barrel
1
49.15
67.67
54.08
72.05
51.84
69.83
Change (%)
monthly 1 annual2
-4.1
-3.1
5.5
3.2
compares the average of the last four w eeks w ith the average of the corresponding four w eeks of the previous month.
2
compares the average of the last four w eeks w ith the average of the corresponding four w eeks of the previous year.
terminal gate prices (TGPs) are the published daily spot prices at w hich fuel can be purchased from the fuel import or refinery terminal
and provide an indication of the actual w holesale price of fuel. The largest component of the TGP is the price of crude oil, follow ed by the
Commonw ealth Government's fuel excise and goods and services tax.
3
4
gross indicative retail differences are equal to the monthly average retail price less the monthly average TGP and are used as a broad indication of
gross retail fuel margins.
* AIP does not report on diesel prices for Alice Springs, Katherine and Tennant Creek.
n.p .: data not published for this month
Caution is advised w hen using data for the Territory, w hich is often derived from small samples and can be highly volatile.
Source: Department of Treasury and Finance, Australian Institute of Petroleum, Reserve Bank of Australia, National Australia Bank
Although all due care has been exercised in the preparation of this material, no responsibility is accepted for any
errors or omission.
Released: Fuel Prices
May 2017
Released: 5 June 2017 │ Next Release: 3 July 2017 (indicative)
3