The Australian Competition and Consumer Commission (ACCC) recently published its 2011 fuel price monitoring report. The ACCC found that across Australia’s largest cities, retail petrol prices increased to an average of $1.32AUD, in line with the relevant international benchmark price (Singapore Mogas 95) and the exchange rate. This close parity has been the case since 2002, with the average retail price rising 122.5%, while the price of Mogas rose 123.4% over the same period.

Petrol prices in Australia are still among the lowest in the OECD but some aspects of petrol pricing remain a community concern. For example, the ACCC outlined its concern over the level of coordination apparent in petrol price cycles in Australia’s largest cities. It is analysing the likely effect of this behaviour on outcomes for consumers.