Retailers are exploiting the plunging oil price to charge at least $3 a tank more than is reasonable. Picture: Weekly Times Now. Source: WeeklyTimesNow
NEW figures have confirmed the petrol industry has motorists over a barrel, with retailers exploiting the plunging oil price to charge at least $3 a tank more than is reasonable.
The gap between retail and wholesale price of unleaded remains extremely high compared to long-run average, figures released yesterday by the Australian Institute of Petroleum show.
In the past week the gap has averaged more than 15c/L. Picture: Supplied. Source: Supplied
In the past week the gap has averaged more than 15c/L. Yet over the last 12 months the average has been less than 10c/L. Looking further back in time, the typical spread was just 8c/L.
When the margin is 5c/L wider than the average it means motorists running a mid-size car are paying an extra $3 a tank. When it is 8c/L, the added cost is nearly $5 per refuel.
News Corp revealed that in the week to November 23, the gap between the retail and wholesale price was as much as 19c/L.
Despite the retail/wholesale gap, the average price is still the lowest in 18 months. Picture: Adam Taylor Source: News Corp Australia
"It's very concerning that nationally we have seen two weeks of high retail margins, despite a falling wholesale price," said Australian Automobile Association spokesman James Goodwin.
CommSec chief economist Craig James said motorists should be paying 10c/L less than the current national average.
Motorists should be paying 10c/L less than the current national average, CommSec claims. Picture: Andrew Batsch Source: News Corp Australia
The good news, Mr James said, is that the average is the lowest in 18 months. However, he also noted that Singapore's benchmark gasoline price — the starting point for what Australians pay at the bowser — was at a four-year low.
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