The following information was sourced from the Australian Institute of Petroleum and the Australian Competition and Consumer Commission and compiled by the the Department of Treasury and Finance for May 2020.
The reported monthly average price for May 2020 is calculated as the average price in cents per litre (cpl) for the four weeks ending May 31, 2020 unless otherwise stated.
Gross indicative retail differences (GIRDs) are the average retail price, less the published terminal gate prices (TGP) and are used as an indication of gross retail margins.
Darwin had the second highest monthly average retail price for unleaded petrol (112.1 cpl) and second highest price for diesel (120.8 cpl) of all the capital cities in May 2020.
The average retail price of ULP in Darwin was 112.1 cpl, 9.7 cpl lower than the previous month, and 31.7 cpl lower in annual terms. This was the second highest monthly retail price of all the capital cities, ranging from 104.0 cpl in Perth to 120.9 cpl in Hobart. Nationally, the average retail price of ULP was 108.2 cpl, 3.2 cpl higher than the previous month, but 40.6 cpl lower compared to the same period last year.
The average TGP for ULP in Darwin increased by 10.4 cpl to 97.0 cpl in the month, however remains 41.8 cpl lower than the same period in the previous year. This was in-line with the national average TGP monthly change, up 10.8 cpl from the previous month to 93.9 cpl, but down 40.8 cpl compared to the previous year.
The monthly average GIRD for ULP in Darwin decreased by 20.1 cpl to 15.1 cpl in the month. This was the third highest GIRD of all the capital cities, which ranged from 11.7 cpl in Perth to 20.6 cpl in Hobart. The national average GIRD for ULP decreased by 7.6 cpl to 14.3 cpl in the month.
ACCC fuel price monitoring
The ACCC released its Report on the Australian Petroleum Market for the December quarter 2019 on March 16, 2020.
The report can be accessed here.
The Report shows that the Darwin average ULP price was 143.8 cpl, 5.3 cpl lower than the five largest capital cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) in the December quarter 2019.
The monthly average retail price of diesel across the Territory was 138.8 cpl. This was 8.4 cpl lower compared to the previous month and 25.2 cpl lower than the same period in the previous year. The monthly average retail diesel price differential between the Territory and the national average was 19.4 cpl.
Darwin recorded the second highest retail price for diesel of all the capital cities, with a monthly average retail price of 120.8 cpl. This was a monthly decrease of 9.2 cpl and a decline of 27.8 cpl in annual terms. The monthly average retail price ranged from 109.0 cpl in Adelaide to 135.5 cpl in Hobart. Nationally, the average price of diesel decreased by 7.4 cpl in the month to 119.4 cpl and decreased by 31.9 cpl in annual terms.
The TGP for diesel in Darwin was 100.1 cpl, 0.5 cpl higher than last month, but 43.8 cpl lower than the previous year.
The average Darwin GIRD for diesel was 20.7 cpl, the third highest of all capital cities. This was a monthly decrease of 9.7 cpl, and was 0.9 cpl lower than the national average of 21.6 cpl.
Brent crude oil
The monthly average spot price of Brent crude oil in May 2020 was $45.65 per barrel in Australian dollar terms. This was an increase of 56.2 per cent in the month, but down 55.5 per cent in annual terms.
NT Treasury stated that caution is advised when using monthly data for the Territory, which is often derived from small samples and highly volatile. Although all due care has been exercised in the preparation of this material, no responsibility is accepted for any errors or omission.