THE NRMA has bad news for Central West motorists: don’t expect fuel prices to come down until Christmas.
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The NRMA says fuel prices are currently at a four-and-a-half year high.
Its data showed Bathurst and Orange were currently offering the cheapest fuel compared with Dubbo, Mudgee, Lithgow, Parkes and Forbes in the Central West region.
The average price for unleaded petrol in Bathurst and Orange was 156.2 cents per litre and 156.9 cents respectively as on October 17.
Petrol was most expensive in Dubbo at 163.2 cents.
Exactly a year ago, the average price for unleaded petrol in Bathurst, Orange and Dubbo was 131.5 cents, 126 cents and 129.7 cents respectively.
Unleaded petrol is costing 20 to 30 cents more in every city.
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Similarly, diesel was cheapest in Lithgow and Orange and it was dearest in Bathurst on October 17.
The average price for diesel in Lithgow, Orange and Bathurst was 159.7 cents, 162.3 cents and 167.4 cents respectively.
Last year diesel commanded an average price of 126.8 cents in Lithgow, 126.3 cents in Orange and 125.3 cents in Bathurst.
NRMA spokesman Peter Khoury said prices were high because of a weaker dollar and rising world oil prices.
Crude oil is now selling at $84.48 USD a barrel compared with $60.86 USD a barrel on October 17, 2017.
“The factors causing these increases are global and unfortunately Australia has no control over them,” Mr Khoury said.
“These include cuts to oil production by OPEC and Russia, tension between the US and Russia and Iran with the threat of sanctions – all oil producing countries - and Saudia Arabia’s war with Yemen; Saudi Arabia is the world’s second largest oil producer.
“Unfortunately, prices have been too high for 2018 and these prices are getting worse leading to Christmas. There appears little relief in sight leading up to Christmas.”
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According to the Australian Competition and Consumer Commission, prices in regional Australia change more slowly than in the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) because retailers in many regional areas tend to have lower stock turnover than city sites.
At the same time, the ACCC says fuel prices are higher in regional Australia due to:
- Lower population and demand resulting in fewer outlets, leading to less competition.
- Higher costs for transport and storage of fuel.
- Less demand for convenience sales like drinks, food and newspapers that can enable retailers to add to overall profits and keep fuel prices lower.
- The location of outlets – whether or not they are on a highway and likely to get a high number of customers.
Sahil Makkar
Hi, I am the regional reporter for Fairfax Media. I track news and community-related issues in the Central West especially the Bathurst, Dubbo, Orange, Lithgow, Mudgee, Blayney, Cowra, Parkes and Forbes local government areas. If you wish to share any news or feedback please feel free to get in touch with me at sahil.makkar@fairfaxmedia.com.au
Hi, I am the regional reporter for Fairfax Media. I track news and community-related issues in the Central West especially the Bathurst, Dubbo, Orange, Lithgow, Mudgee, Blayney, Cowra, Parkes and Forbes local government areas. If you wish to share any news or feedback please feel free to get in touch with me at sahil.makkar@fairfaxmedia.com.au
