RECORD gross margins for diesel of 18 cents per litre in 2023 are putting upward pressure on inflation and hurting Australian families, according to the NRMA.
The gap between the wholesale and retail prices for diesel in Sydney and in Brisbane have remained stubbornly high at an average of 18 cents.
The 18-cent gap in Sydney and Brisbane is the highest ever recorded.
Over two-thirds of all diesel fuel sold in Australia is used by industry to drive the economy. More than 40 per cent of all retail fuel sold to Australian motorists is diesel.
The international benchmark price for diesel – Gasoil – is trading at $US 101 a barrel after falling from a record high of $US 186 a barrel in June 2022.
The wholesale price for diesel, or Terminal Gate Price, is today 179 cents per litre after falling from a record high on 229 cents per litre in 2022.
Average prices for diesel across Australia’s capital cities in cents per litre are:
NRMA spokesperson Peter Khoury said high diesel prices had a direct impact on cost of living and inflationary pressures and were clearly impacting the economy.
“The gross margins for diesel prices in Australia have been too high for too long and they need to come down now,” Mr Khoury said.
“Australia’s economy runs on diesel and over-inflated fuel prices impact the whole supply chain and it is the fuel of choice for millions of Australian families.
“Global factors have worked against Australians since the world came out of the COVID lockdown and Russia’s brutal invasion of Ukraine – domestic issues should not be compounding the problem.”
Motorists have been advised to do their research before filling up with online programs such as petrolspy.com.au revealing the price of every service station in real-time.