economic brief
Fuel Prices April 2017
Chart 1: Retail Unleaded Petrol Price (ULP)
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 30 April 2017 unless
otherwise stated.
(monthly average)
cpl
Northern Territory
190
170
150
130
Australia
110
90
70
50
Unleaded Petrol
30
The average retail price of unleaded petrol (ULP)
across the Territory was 134.1 cents per litre (cpl).
The monthly average retail ULP price differential
between the Territory and the national average was
7.0 cpl (Chart 1).
10
Darwin
Average retail
ULP price
Monthly
change
131.6 cpl
5.3 cpl
Alice Springs
Katherine
price differential
-10
07
08
09
10
11
12
13
14
Tennant Creek
n.p.
flat
16
17
Chart 2: Retail ULP Price and Gross Indicative Retail
Difference (April 2017 average)
cpl
160
n.p.2
140.6 cpl
15
Year ended June
Source: Australian Institute of Petroleum, DTF
140
140.6
123.4 123.6
126.2 125.8 126.4 130.2 131.6
127.1
120
2
Northern Territory Average1
134.1 cpl
3.8 cpl
Australia1
127.1 cpl
1.6 cpl
1
weighted average
AIP did not publish fuel price data
2
The Darwin average retail price of ULP was 131.6 cpl,
the second highest retail price of all capital cities
(Chart 2).
Darwin recorded an average GIRD for ULP of
10.8 cpl, 0.2 cpl higher than the national average
GIRD of 10.6 cpl (Chart 3). This was the second
highest GIRD for the month, behind Hobart. GIRDs
across the capital cities ranged from 6.9 cpl in
Brisbane to 19.0 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.
100
80
60
40
20
0
Bris Adel Melb Syd Perth 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
April 2017
Diesel
The monthly average retail price of diesel in the
Territory was 131.5 cpl. This was 12.2 cpl higher than
the same time last year and 0.1 cpl lower than the
previous month (Chart 5).
The monthly average retail diesel price differential
between the Territory and the national average was
2.8 cpl.
Average retail
price of diesel
Monthly
change
Darwin
130.5 cpl
0.2 cpl
Regional Average1,2
133.0 cpl
flat
Northern Territory Average2
131.5 cpl
0.1 cpl
Australia2
128.7 cpl
1.1 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 130.5 cpl. This was the third highest retail price of
diesel recorded amongst all capital cities (Chart 6).
Nationally, the average price of diesel was 128.7 cpl.
The average Darwin GIRD for diesel was 12.9 cpl.
This was 2.0 cpl lower than the national average of
14.9 and the third lowest of all capital cities (Chart 7).
In other capital cities, GIRDs for diesel ranged from
9.6 cpl in Adelaide to 18.4 cpl in Hobart (Chart 6).
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 (April 2017 average)
cpl
140
123.5 125.4
128.2 128.8 130.4 130.5 131.0
137.0
128.7
120
100
Tapis Crude Oil
80
Average
spot price
(per barrel)
Monthly
Change
Annual
Change
60
40
Tapis Crude $US
54.86
2.3%
25.4%
Tapis Crude Oil $AU
72.85
3.6%
27.7%
The monthly average spot price of Tapis crude oil
increased by 3.6 per cent in the month to
$72.84 per barrel in Australian dollar terms (Chart 4).
This corresponds to an increase of 1.6 cpl in the
month, in Australian dollar terms.
20
0
Adel Syd Bris Melb Can* Dar Perth 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
140
35
120
Darwin
30
$A
100
25
$US
80
20
60
15
40
10
20
5
Australia
0
07
08
09
10
11
12
13
14
15
16
17
Year ended June
Source: Reserve Bank of Australia, National Australia Bank, DTF
Released: 3 May 2017 │ Next Release: 5 June 2017 (indicative)
0
07
08
09
10
11
12
13
14
15
16
17
Year ended June
Source: Australian Insitute of Petroleum; DTF
2
economic brief
Fuel Prices
April 2017
Table 1: Monthly Average Fuel Prices
Monthly average
for the week ending (cpl)
01 May 16
02 Apr 17
30 Apr 17
Unleaded petrol
Retail price
Northern Territory
Darwin
Alice Springs
Katherine
Tennant Creek
Australia
Change (cpl)
monthly 1 annual2
117.9
115.0
129.9
112.6
n.p.
114.7
137.9
136.9
n.p.
140.6
n.p.
128.6
134.1
131.6
n.p.
140.6
n.p.
127.1
-3.8
-5.3
16.1
16.6
0.0
28.0
-1.6
12.3
106.8
102.8
117.6
113.3
120.8
116.5
3.2
3.2
14.0
13.7
8.2
12.0
19.2
15.3
10.8
10.6
-8.5
-4.8
2.6
-1.4
3.2
0.2
9.3
8.3
7.0
4.5
-2.3
-3.7
3.8
4.3
Diesel
Retail price
Northern Territory
Darwin
Regional Average*
Australia
119.3
117.5
122.2
112.0
131.6
130.7
133.0
129.8
131.5
130.5
133.0
128.7
-0.1
-0.2
0.0
-1.1
12.2
13.0
10.8
16.6
Terminal gate price3
Darwin
Australia
100.9
97.3
116.4
112.5
117.6
113.8
1.1
1.3
16.7
16.5
16.6
14.8
14.3
17.3
12.9
14.9
-1.4
-2.4
-3.6
0.1
7.3
5.4
1.8
1.0
2.8
1.8
1.0
0.9
-4.4
-3.6
Terminal gate price
Darwin
Australia
3
Gross Indicative Retail Difference (GIRD)4
Darwin
Australia
Retail Price Differential from Australia
Nothern Territory
Darwin
Gross Indicative Retail Difference (GIRD)4
Darwin
Australia
Retail Price Differential from Australia
Nothern Territory
Darwin
Table 2: Monthly Average Crude Oil Prices
Monthly average
for the week ending ($)
01 May 16
02 Apr 17
30 Apr 17
Tapis spot price in $US per barrel
Tapis spot price in $A per barrel
1
43.73
57.07
53.61
70.34
Change (%)
monthly 1 annual2
54.86
72.85
2.3
3.6
25.4
27.7
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: 3 May 2017 │ Next Release: 5 June 2017 (indicative)
3