Fuel prices still at record highs, halfway through excise relief period

For most Australian states, fuel prices remained at a level higher than before the 22.1-cent excise cut was implemented, with the national average price for 95 RON unleaded at a record high of $2.24 per litre.

The lowest price, $2.13 in the Northern Territory, is the highest baseline seen, where the peak of $2.36 per litre in the ACT continues a high watermark set by the nation’s capital since 21 June.

Victoria and Western Australia have all seen a minor drop from the respective state peaks, but only to a factor of one per cent, whereas South Australia jumped six per cent overnight from $2.22 to $2.36 per litre of 95 RON petrol.

While the growth has been loosely aligned to the global price of crude oil, a sharp increase in mid June of approximately $0.10 per litre in the average pump price (approximately five per cent) not only corresponds with a drop in crude (down seven per cent) but also the start of school holidays.

So yes, your cynicism radar is working.

With another two weeks of school holidays to go, we expect pump prices to remain high but hope to see some balance restored before the fuel excise cut is removed and prices step change upward by 22.1 cents per litre.

Follow our fuel price charts from 1 March 2022: