Report on the Australian petroleum market
—June quarter 2015
August 2015
ISBN 978 1 922145 61 1
Australian Competition and Consumer Commission
23 Marcus Clarke Street, Canberra, Australian Capital Territory, 2601
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ACCC 08/15_1004
www.accc.gov.au
Key messages
Retail petrol prices increased further in the quarter
In the June quarter 2015 the average retail petrol price in the five largest cities (i.e. Sydney, Melbourne,
Brisbane, Adelaide and Perth) was 135.8 cents per litre (cpl). This was 16.9 cpl higher than in the March
quarter 2015 (118.9 cpl).
The increase was influenced by rising international crude oil and refined petrol prices (Singapore Mogas 95
Unleaded), and a marginally weaker AUD−USD exchange rate, in the June quarter 2015. Weekly average
Mogas 95 prices increased over the quarter by around 11 cpl (15 per cent), influenced particularly by
stronger demand from the United States, China and India. Furthermore, the AUD−USD exchange rate was
relatively low during the quarter.
In 2014−15 average retail prices were significantly lower than
2013–14
The annual average retail petrol price in the five largest cities in 2014–15 was 134.1 cpl. This was 16.5 cpl
(11 per cent) lower than the annual average price in 2013–14 (150.6 cpl).
Petrol prices were highly volatile in 2014−15. Seven-day rolling average prices ranged from a high of
around 158 cpl in July 2014 to a low of around 103 cpl in February 2015.
Of the annual average price in 2014–15 of 134.1 cpl:
•
•
the international market price of refined petrol contributed 65.6 cpl (49 per cent)
taxes—which consist of excise (the rate was 38.9 cpl at the end of June 2015) and GST (one‑eleventh
of the final retail price)—contributed 50.7 cpl (38 per cent).
In total around 116.3 cpl (87 per cent) of the annual average retail price of petrol in 2014−15 was directly
attributable to the international refined petrol price and taxes.
While retail prices were considerably lower than in the previous year, they were adversely affected by a
weaker AUD−USD exchange rate. In 2014−15 the average AUD−USD exchange rate was USD 0.84. If it
had been at the same level as in 2013−14 (USD 0.92) retail petrol prices in 2014−15 would have been
around 6 cpl lower.
In 2014−15 annual average gross indicative retail differences (GIRDs, calculated by subtracting average
wholesale prices from average retail prices) in the five largest cities was 8.6 cpl, an increase of 0.5 cpl from
2013−14. This was the highest annual GIRD, in both real and nominal terms, since publication of wholesale
prices began in 2002−03. Annual average GIRDs increased in Sydney, Brisbane and Perth and decreased
in Melbourne and Adelaide.
GIRDs are a useful approximate benchmark for the difference between wholesale and retail prices and
should not be confused with actual retail profits. The ACCC will report on profitability in the petroleum
industry once financial data for 2014–15 has been analysed.
The differential between petrol prices in the larger cities and those
in regional locations is now only 0.7 cpl
In the December quarter 2014 report, the ACCC highlighted that the decrease in international refined petrol
prices had not passed through to retail petrol prices in many regional locations to the same extent as it had
in the five largest cities. The differential between average prices across all regional locations and average
prices in the five largest cities in December 2014 was 17.5 cpl. By March 2015 the differential had
decreased substantially to 1.9 cpl.
The differential decreased further in the June quarter 2015. By June 2015 the monthly differential between
average prices across all regional locations and average prices in the five largest cities was 0.7 cpl. In June
2015 there were 77 regional locations (around 43 per cent of locations monitored) in which their average
monthly prices were lower than the five city average price. The differential in June 2015 was particularly low
and is likely to increase, at least to some extent, in coming months once international refined petrol prices
stabilise.
It is interesting to note that in 2014−15 the annual average differential between average prices across all
regional locations and average prices in the five largest cities was 7.9 cpl. This was an increase of 1.2 cpl
from 2013−14 (6.7 cpl).
Price movements in regional locations generally lag behind movements in the five largest cities. This is due
in part to a lower volume of sales in these locations, and hence slower replenishment of fuel stocks by
wholesalers and retailers. Consequently, prices in regional locations often take more time to reflect changes
in international prices than those in the five largest cities. Furthermore, retail prices in some regional
locations are “sticky”, i.e. they are less responsive—both up and down—to movements in international
prices.
Perth petrol price cycles changed during the quarter
Between January 2011 and April 2015 Perth had regular weekly petrol price cycles. Prices were always at
the low point in the cycle on Wednesday and overwhelmingly at the high point in the cycle on Thursday
(with the remaining high points on Friday).
At the end of May 2015 the pattern of the Perth price cycle changed. There was a five day cycle followed by
a 12 day cycle, before the seven day pattern was re-established from late June 2015. However, the
cheapest day changed from Wednesday to Monday, and the most expensive day changed from Thursday
to Tuesday. The Western Australian Government attributed the variation to Caltex service stations
beginning to increase their prices earlier in the week, with other major fuel companies following their lead.1
Compared with the previous quarter, price cycles in the eastern capital cities (i.e. Sydney, Melbourne,
Brisbane and Adelaide) in the June quarter 2015 both increased in number and became more regular, with
durations of around two to three weeks.
Darwin prices in June 2015 were lower than the five-city average
The monthly average petrol price in Darwin in June 2015 was 134.9 cpl, which was 5.7 cpl lower than in the
five largest cities (140.6 cpl). This was the first—and only—time that monthly average Darwin prices were
lower than in the five largest cities since the ACCC started to regularly collect Darwin prices in January
2000.
The relatively low retail petrol prices in Darwin in June 2015 were in contrast with the second half of 2014,
when they were on average 24.6 cpl higher than in the five largest cities. The highest differential between
monthly average Darwin prices and prices in the five largest cities occurred during this period (31.1 cpl in
September 2014).
Given that Darwin prices were relatively high in the second half of 2014, the decline in Darwin prices is
welcome. This decline could have been influenced by factors such as the discount arrangement of the
Automobile Association of the Northern Territory with United Petroleum sites in Darwin, and the increased
scrutiny of Darwin prices by the Northern Territory Government, the ACCC and the wider community.2
1
2
Hon Michael Mischin, WA Minister for Commerce, Monday is the new cheap day for Perth petrol, media statement, 6 July 2015,
https://www.mediastatements.wa.gov.au/Pages/Barnett/2015/07/Monday-is-the-new-cheap-day-for-Perth-petrol.aspx, accessed on 16 July
2015.
The AANT/United Petroleum offer provided AANT members with an 8.0 cpl discount at all United Petroleum sites from 15 May until
31 July, and then an ongoing minimum discount of 6.0 cpl over the long term. See: http://www.aant.com.au/Membership/United/, accessed
on 16 July 2015.
1 Developments in the petroleum industry
1.1
BP ceased production at Bulwer Island refinery
On 3 June 2015 BP ceased production at its Bulwer Island refinery in Brisbane.3 This followed an
announcement by BP in April 2014 that it planned to halt refining operations at Bulwer Island by mid-2015.4
BP and Caltex signed an agreement under which Caltex will supply all of BP’s requirements for diesel and
gasoline in South Queensland. In early July 2015 BP announced that a jet fuel import facility had started
operation at Bulwer Island.5
With the closure of the Bulwer Island refinery, there was a decrease in refining capacity in Australia of 5910
mega litres per year (or around 18 per cent).6 There are now only four refineries operating in Australia, down
from eight in June 2003. These are: Kwinana, Perth (BP); Lytton, Brisbane (Caltex); Altona, Melbourne
(Mobil); and Corio, Geelong (Viva).
1.2
Queensland ethanol mandate
In June 2015 the Queensland Government released a discussion paper on an ethanol mandate. The paper
stated:
The Queensland Government is working with industry and the community to develop initiatives that will
encourage biofuel production and use. A first step and a key element of this approach is the introduction
of a biofuel mandate that will initially require a certain proportion of ethanol to be incorporated into
Queensland fuel. To achieve this outcome, the Queensland Government proposes to introduce the
Liquid Fuel Supply (Biofuel Mandate) Amendment Bill 2015 which prescribes a phase-in of ethanol
blended fuel. The Government is considering commencing with a two per cent target. A mandated
percentage for biodiesel will also be prescribed following further consultation. It is expected that the
Biofuel Mandate will commence on 1 July 2016.7
The biofuel mandate aims to: drive investment and develop the ethanol and biofuel industry in Queensland;
contribute to regional growth and job creation; reduce greenhouse gas emissions; and lead to advanced
biofuel production technologies.
The discussion paper noted that it is intended that the Queensland Productivity Commission would
undertake a review following the introduction of the legislation and preliminary mandated percentages, but
prior to any increase to these mandated percentages. It is proposed that the legislation be subject to a 10year sunset clause.8
Submissions on the discussion paper closed on 3 July 2015.
3
4
5
6
7
8
Reuters (2015), BP ceases production at Australian Bulwer Island refinery, 3 June 2015, http://uk.reuters.com/article/2015/06/03/ukaustralia-bp-refinery-idUKKBN0OJ0PX20150603, accessed 22 July 2015.
BP (2014), BP Bulwer Island Refinery: processing to halt, media release, 2 April 2014, http://www.bp.com/en_au/australia/media/mediareleases/bulwer-island-refinery-processing-halt.html, accessed on 22 July 2015.
BP (2015) Bulwer jet terminal starts operations, media release, 6 July 2015, http://www.bp.com/en_au/australia/media/mediareleases/bulwer-jet-terminal-starts-operations.html, accessed on 22 July 2015.
Australian Institute of Petroleum (2013), Downstream Petroleum 2013, http://www.aip.com.au/industry/dp2013/index.htm, accessed 22 July
2015.
Queensland Department of Energy and Water Supply (2015), Towards a clean energy economy: achieving a biofuel mandate for
Queensland Discussion paper June 2015, page 2, https://www.dews.qld.gov.au/__data/assets/pdf_file/0005/274406/ethanol-discussionpaper.pdf, accessed 22 July 2015.
Ibid, page 8.
1.3
Fuel excise legislation announced
On 23 June 2015 the Australian Government announced legislation to re-introduce the indexation of fuel
excise to inflation.9 The fuel excise will increase twice a year, in February and August, in line with
movements of the Consumer Price Index. The legislation passed both houses of parliament on 24 June
2015 and received Royal Assent on 30 June 2015. The indexation of fuel exise in 2014–15 was
implemented through a 12 month tariff proposal which took effect on 10 November 2014.
9
The Hon Joe Hockey MP, Treasurer of the Commonwealth of Australia, Government reaches agreement on fuel excise, media release, 23
June 2015, http://jbh.ministers.treasury.gov.au/media-release/061−2015/, accessed 22 July 2015.
2 ACCC activities
2.1
ACCC and the petrol industry
The main role of the ACCC is to enforce the Competition and Consumer Act 2010 (the Act) across the
Australian economy, which includes the fuel industry. The ACCC’s activities under the Act include
enforcement and compliance, mergers and acquisitions assessments, authorisations and notifications, and
administration of the Oilcode.
The ACCC does not set wholesale or retail petrol prices in Australia. They are determined by the market.
2.2
Activities during the quarter
2.2.1 Announcement of regional fuel market study in Launceston
On 8 May 2015 the ACCC announced that Launceston would be the location for the second regional fuel
market study.10 Darwin was announced as the first location in March 2015.11 These studies are part of the
petrol monitoring arrangements announced by the Minister for Small Business, the Hon Bruce Billson MP, in
December 2014.
The in-depth regional market studies aim to explain each component of the prices paid at the bowser to
understand why prices are higher in some regional locations. The ACCC is using its mandatory information
gathering powers to obtain relevant information for the studies.
The ACCC will announce the third regional location to be selected for a market study in the coming months.
2.2.2 Results of Armidale fuel retail investigation
On 18 May 2015 the ACCC announced that it had concluded an investigation into whether there were any
anti-competitive agreements between fuel retailers in Armidale.12
The ACCC did not find evidence of cartel conduct during the course of this investigation and subsequently
ended its investigation. In concluding this investigation the ACCC noted that it is conducting a series of
regional fuel studies and the outcome of this investigation would be considered in that broader context.
Fuel prices in Armidale remained very stable during the first 40 weeks of 2014, and were observed as being
higher than nearby towns. As this type of market behaviour can be an indication of underlying cartel
conduct, the ACCC undertook an investigation of Armidale’s retail fuel sites. To attribute this pricing
behaviour to cartel conduct by competitors, there must be evidence of agreements between competitors,
and the ACCC was unable to find that.
2.2.3 Stakeholder engagement
The ACCC hosted a meeting of the Fuel Consultative Committee (FuelCC) in May 2015. The FuelCC
participants include Australia’s major fuel retailers, refiner-wholesalers, peak industry associations and
motoring organisations.
The information shared at the FuelCC increases the ACCC’s understanding of fuel industry issues and
assists it in undertaking its role on issues related to competition and consumer protection in the fuel industry.
The meeting in May included discussion about the ACCC’s new fuel monitoring arrangements, and recent
metropolitan and regional fuel price movements.
10
11
12
Australian Competition and Consumer Commission (ACCC) (2015), ACCC announces second regional petrol market study in Launceston,
media release, 8 May 2015, https://www.accc.gov.au/media-release/accc-announces-second-regional-petrol-market-study-in-launceston,
accessed 10 July 2015.
ACCC (2015), ACCC announces first regional petrol market study in Darwin, media release, 10 March 2015,
https://www.accc.gov.au/media-release/accc-announces-first-regional-petrol-market-study-in-darwin, accessed 10 July 2015.
ACCC (2015), ACCC concludes investigation into Armidale fuel prices, media release, 18 May 2015, https://www.accc.gov.au/mediarelease/accc-concludes-investigation-into-armidale-fuel-prices, accessed 10 July 2015.
2.2.4 ACCC fuel related communications and media activity
In the June quarter 2015 the fuel related web pages on the ACCC website received around 40 000 page
views. Of this total the petrol price cycle webpage received around 32 000 page views, making it the fifth
most viewed page on the ACCC website in the quarter.
In 2014−15 there were around 168 000 page views on the ACCC’s fuel related web pages with around
127 000 page views on the petrol price cycle pages.
The ACCC continued to respond to fuel related media enquiries received through the ACCC Infocentre, and
prepared replies to Ministerial and other correspondence on fuel related issues. These included: fuel prices
in regional locations; price differentials between locations in the same region or between regional and city
locations; price movements relative to changes in international oil prices and refined fuel price benchmarks;
and the selection of locations for ACCC regional fuel market studies.
In 2014−15 the ACCC received around 1280 contacts through the ACCC Infocentre on a wide range of fuel
related issues. This represented an increase of around 28 per cent from 2013−14.
3 Retail petrol price movements—five largest cities
This section primarily focuses on petrol prices across the five largest cities (i.e. Sydney, Melbourne,
Brisbane, Adelaide and Perth).13 It also examines retail prices in the three smaller capital cities (Canberra,
Hobart and Darwin). Petrol prices in regional locations across Australia are discussed in chapter 4.
3.1
Prices over the year to June 2015
Chart 3.1 Seven-day rolling average retail petrol prices, five largest cities: 1 July
2014 to 30 June 201514
Source:
ACCC calculations based on FUELtrac data.
Note:
The area to the right of the dotted vertical line in this and subsequent charts represents the June quarter 2015.
Chart 3.1 shows that:
•
retail petrol prices in the five largest cities peaked at around 158 cpl in mid-July 2014 and then declined
over the next six months to a low of around 103 cpl in early-February 2015
•
they subsequently increased for the remainder of 2014−15 to around 142 cpl at the end of June 2015.
The annual average retail petrol price in the five largest cities in 2014−15 was 134.1 cpl. This was 16.5 cpl
(11 per cent) lower than annual average price in 2013−14.
13
14
In this report references to petrol are to regular unleaded petrol (RULP) unless otherwise specified. From 1 July 2014 the five-city average
price includes E10 prices instead of RULP prices for Sydney. From 1 July 2014 the ACCC has obtained its fuel price data from FUELtrac.
Prior to that date it obtained data from Informed Sources.
A seven-day rolling average price is the average of the current day’s price and prices on the six previous days. Traditionally, the ACCC has
used a seven-day rolling average to smooth out the influence of petrol price cycles in the larger capital cities on price movements. This has
been less effective in recent years because the duration of price cycles in most of the larger capital cities has become greater than seven
days.
3.2
Retail prices compared with Mogas 95 prices
Retail petrol prices in Australia are primarily determined by international refined petrol prices. The relevant
benchmark is the price of Singapore Mogas 95 Unleaded (Mogas 95).
Chart 3.2 Monthly average Mogas 95 prices and retail prices in the five largest
cities: July 2014 to June 2015
Source:
ACCC calculations based on FUELtrac, Platts and RBA data.
In the year to June 2015 changes in domestic retail prices in the five largest cities were primarily driven by
changes in the international price of refined petrol.
Chart 3.2 shows that Mogas 95 prices decreased significantly in the second half of 2014 before rebounding
in the March quarter 2015 and increasing further in the June quarter 2015.
In July 2014 the monthly average Mogas 95 price in Australian cents per litre was 81.5 cpl and by January
2015 had fallen to 44.7 cpl—a decrease of 36.8 cpl. This fall was reflected in the decrease in average retail
prices in the five largest cities. Between July 2014 and January 2015 monthly average retail prices
decreased by 42.6 cpl (from a high of 151.8 cpl to a low of 109.2 cpl).
Mogas 95 prices rebounded from their low point in January 2015 to be 68.4 cpl in June 2015, an increase of
23.7 cpl. Over the same period average retail prices in the five largest cities increased by 31.4 cpl to
140.6 cpl.
3.3
Price cycles
Retail petrol prices in the five largest cities in Australia move in cycles. These price cycles do not generally
occur in Canberra, Hobart and Darwin, or in most regional locations. Price cycles occur as a result of the
pricing policies of fuel retailers and only occur at the retail level. Wholesale prices do not exhibit similar
cyclical movements.
Table 3.1 Number of price cycles per quarter—five largest cities: September quarter
2013 to June quarter 201515
Sydney
Melbourne
Brisbane
Adelaide
Perth
Sep-13
6
6
5
6
13
Dec-13
5
5
5
5
13
Mar-14
6
6
6
7
13
Jun-14
4
4
4
5
13
21
21
20
23
52
Sep-14
3
3
3
3
13
Dec-14
2
1
2
2
13
Mar-15
3
3
2
1
13
Jun-15
5
3
4
5
13
13
10
11
11
52
2013−14
2014−15
Source:
ACCC analysis based on FUELtrac and Informed Sources data.
Table 3.1 shows that over the two years to June 2015 the number of price cycles per quarter in the four
eastern capital cities (i.e. Sydney, Melbourne, Brisbane and Adelaide) decreased significantly:
•
in these cities there were around half the number of price cycles in 2014−15 than in 2013−14
•
in the June quarter 2015 there were five price cycles in Sydney and Adelaide, four in Brisbane and three
in Melbourne. This compares with the March quarter 2015 where there were three price cycles in
Sydney and Melbourne, two in Brisbane and one in Adelaide.
In contrast, Perth had regular weekly price cycles over most of the two year period. For most of this time
prices in Perth were always at the low point in the cycle on Wednesday and overwhelmingly at the high
point in the cycle on Thursday (with the remaining high points on Friday).
However, at the end of May 2015 the pattern of the Perth price cycle changed. There was a five day cycle
followed by a 12 day cycle, before the seven day pattern was re-established from late June 2015. However,
the cheapest day changed from Wednesday to Monday, and the most expensive day changed from
Thursday to Tuesday. This is shown in chart 3.3. Despite this change, Perth averaged one price cycle per
week in 2013−14 and 2014−15.
15
The number of price cycles in a period is defined as the number of peaks that occurred in that period. Sydney prices in 2014−15 are E10
rather than RULP prices.
Chart 3.3 Daily average retail petrol prices in Perth: 1 April 2015 to 30 June 2015
Source:
3.4
ACCC calculations based on FUELtrac data.
Gross indicative retail differences
Gross indicative retail differences (GIRDs) are calculated by subtracting average terminal gate prices
(TGPs) from average retail prices.
TGPs are the prices at which petrol can be purchased from wholesalers in the spot market and are posted
on a regular basis on the websites of the major wholesalers. While not many wholesale transactions occur
at TGP, they can be regarded as indicative wholesale prices. TGPs reflect the price of petrol only, and
exclude other retail operating costs (such as branding, transportation, labour, etc.). As a result, GIRDs
should be treated only as a useful approximate benchmark for the difference between wholesale and retail
prices. They should not be confused with actual retail profits.
Table 3.2 shows that, in the five largest cities over the eight quarters to June 2015:
•
Five-city average GIRDs increased by 3.8 cpl between the March quarter 2015 and the June quarter
2015—from 6.7 cpl to 10.5 cpl. GIRDS increased in all cities.
•
GIRDs varied significantly over the period and across cities, ranging from a high of 13.8 cpl (in Brisbane
in the June quarter 2015) to a low of 4.5 cpl (in Adelaide in the March quarter 2015).
•
In 2014−15 the annual average GIRD in the five largest cities was 8.6 cpl, an increase of 0.5 cpl from
2013−14. This was the highest annual GIRD, in real and nominal terms, since publication of TGPs
began in 2002−03. Annual average GIRDs increased in Sydney, Brisbane and Perth and decreased in
Melbourne and Adelaide.
Table 3.2 Quarterly and annual average retail petrol prices, terminal gate prices and
gross indicative retail differences, five largest cities: September quarter
2013 to June quarter 2015
Location
Quarter/year
Average retail
price
Average TGP
GIRD
cpl
cpl
cpl
Five largest cities
Sydney
Sep-13
150.5
142.7
7.8
Dec-13
147.6
138.9
8.7
Mar-14
153.9
145.4
8.5
Jun-14
150.7
143.1
7.6
2013−14
150.6
142.5
8.1
Sep-14
146.1
138.6
7.5
Dec-14
135.1
125.7
9.4
Mar-15
118.9
112.2
6.7
Jun-15
135.8
125.3
10.5
2014−15
134.1
125.5
8.6
Sep-13
150.2
143.1
7.1
Dec-13
147.0
139.5
7.5
Mar-14
152.2
146.0
6.2
Jun-14
149.7
143.5
6.2
2013−14
149.8
143.0
6.8
Sep-14
143.9
137.1
6.8
Dec-14
133.8
124.2
9.6
Mar-15
117.1
111.0
6.1
Jun-15
135.1
123.9
11.2
2014−15
132.6
124.1
8.5
Location
Quarter/year
Average retail
price
Average TGP
GIRD
cpl
cpl
cpl
Melbourne
Brisbane
Adelaide
Sep-13
149.5
142.5
7.0
Dec-13
145.8
138.9
6.9
Mar-14
152.3
145.5
6.8
Jun-14
148.4
142.9
5.5
2013−14
149.0
142.4
6.6
Sep-14
145.8
139.0
6.8
Dec-14
132.2
126.1
6.1
Mar-15
117.4
112.6
4.8
Jun-15
133.8
125.6
8.2
2014−15
132.4
125.9
6.5
Sep-13
152.5
142.8
9.7
Dec-13
150.6
138.8
11.8
Mar-14
157.5
145.2
12.3
Jun-14
153.5
143.0
10.5
2013−14
153.5
142.5
11.1
Sep-14
148.9
139.1
9.8
Dec-14
139.6
126.1
13.5
Mar-15
122.0
112.6
9.4
Jun-15
139.5
125.8
13.8
2014−15
137.6
125.9
11.7
Sep-13
149.0
142.9
6.1
Location
Quarter/year
Average retail
price
Average TGP
GIRD
cpl
cpl
cpl
Perth
Source:
Dec-13
147.2
139.0
8.2
Mar-14
153.1
145.4
7.7
Jun-14
149.6
143.2
6.4
2013−14
149.7
142.6
7.1
Sep-14
143.7
138.9
4.8
Dec-14
133.2
125.3
7.2
Mar-15
116.8
112.3
4.5
Jun-15
135.7
125.5
10.2
2014−15
132.4
125.7
6.7
Sep-13
151.1
142.3
8.8
Dec-13
147.5
138.4
9.1
Mar-14
154.2
144.9
9.3
Jun-14
152.4
142.7
9.7
2013−14
151.3
142.1
9.2
Sep-14
148.3
139.2
9.1
Dec-14
136.7
126.2
10.5
Mar-15
121.2
112.6
8.6
Jun-15
134.7
125.7
9.0
2014−15
135.3
126.0
9.3
ACCC calculations based on data from FUELtrac, Informed Sources, WA FuelWatch and information provided by the monitored companies.
3.5
Prices in the three smaller capital cities
Chart 3.4 Monthly average retail petrol prices in Canberra, Hobart and Darwin and
the five largest cities: July 2014 to June 2015
Source:
ACCC calculations based on FUELtrac data.
Chart 3.4 shows that in 2014−15:
•
prices in Hobart and Canberra were always higher than in the five largest cities
•
prices in Darwin were higher than those in the five largest cities for 10 months of the year
– in May 2015 Darwin prices were equal to those in the five largest cities
– in June 2015 Darwin prices were 5.7 cpl lower than those in the five largest cities. This was the first—
and only—time that monthly average Darwin prices were lower than in the five largest cities since the
ACCC started to regularly collect Darwin prices in January 2000
– the highest differential between monthly average Darwin prices and prices in the five largest cities
(31.1 cpl) occurred in September 2014.
3.6
Retail prices of the different petrol grades
Chart 3.5 shows that retail prices of the different grades of unleaded petrol—RULP, PULP 95 and 98, and
E10—moved in a similar manner in 2014−15.
Chart 3.5 Monthly average retail prices of RULP, PULP 95, PULP 98 and E10 in the
five largest cities: July 2014 to June 2015
Source:
ACCC calculations based on FUELtrac data.
In 2014−15 in the five largest cities the average differential between:
•
RULP and PULP 95 prices was 10.6 cpl (the same as in 2013−14)
•
RULP and PULP 98 prices was 16.7 cpl (an increase of 0.4 cpl from 2013−14)
•
E10 and RULP prices was 1.9 cpl (a decrease of 1.2 cpl from 2013−14).16
Retail prices of the different grades of petrol move in a similar manner because they are all set by retailers
according to international refined petrol benchmark prices (which in turn predominantly move in line with
changes in the price of crude oil). However, the price differentials between the various types of petrol vary
over time. For example, retailers will generally set the price of PULP at a fixed premium to RULP. Premiums
are adjusted from time to time reflecting changes in international benchmark differentials, local supply and
demand factors, and other factors.
16
E10 prices are for Sydney, Melbourne and Brisbane only.
3.7
Components of petrol prices
There are three broad components of the retail price of petrol: the international price of refined petrol,
domestic taxes (excise and the GST), and other costs and margins at the wholesale and retail levels.
Chart 3.6 Components of the annual average retail petrol price in the five largest
cities in 2014−15
Source:
ACCC calculations based on FUELtrac, Platts and RBA data.
Chart 3.6 shows that the two largest components of the pump price—Mogas 95 and taxes (excise and the
GST)—accounted for 87 per cent of the price of petrol. These components are largely outside the control of
local petrol retailers.
Mogas 95 as a proportion of the annual average price decreased from 54 per cent in 2013−14 to
49 per cent in 2014−15 and taxes increased from 34 per cent to 38 per cent. Other costs and margins
remained broadly the same.
4 Retail price movements—regional locations
The ACCC monitors fuel prices in all capital cities and around 180 regional locations across Australia.
These locations are identified in appendix A.
4.1
Influences on regional petrol prices
Movements in retail petrol prices in regional locations are largely driven by changes in international refined
petrol prices and the AUD−USD exchange rate, just as they are in the five largest cities.
However, prices are generally higher in regional locations. A number of factors may contribute to these
higher prices: a lower level of local competition; lower volumes of fuel sold; distance/location factors; and
lower convenience store sales. The influence of these factors varies significantly from location to location.
This means that there may be substantial differences in prices between specific regional locations.
4.2
Regional petrol prices
Chart 4.1 Monthly average retail petrol prices in regional locations in aggregate and
the five largest cities: July 2014 to June 2015
Source:
ACCC calculations based on FUELtrac data.
Chart 4.1 shows that prices in the five largest cities increased by 31.4 cpl from their low of 109.2 in January
2015 to 140.6 cpl in June 2015. Prices in the regional locations in aggregate also increased but by a smaller
amount (18.6 cpl)—they were 141.3 cpl in June 2015.
The monthly average differential between average prices across all regional locations and average prices in
the five largest cities was 0.7 cpl in June 2015—a decrease from 1.9 cpl in March 2015, and significantly
lower than 17.5 cpl in December 2014. In June 2015 there were 77 regional locations (around 43 per cent of
locations monitored) in which their average monthly prices were lower than the five city average price.
The differential in June 2015 was particularly low, and is likely to increase in coming months once the
increase in international refined petrol prices stabilises.
In 2014−15 the differential between average prices across all regional locations and average prices in the
five largest cities was 7.9 cpl. This was an increase of 1.2 cpl from 2013−14 (6.7 cpl).
Further information on petrol price movements between March 2015 and June 2015 in all locations
monitored by the ACCC are presented in appendix A.
4.3
Prices in each of the states and the Northern Territory
Charts 4.2 to 4.8 show seven-day rolling average retail petrol prices for the monitored regional locations in
aggregate in each state and the Northern Territory, along with the relevant capital city prices from 1 July
2014 to 30 June 2015.17 The charts are all on the same scale to enable ready comparison across states
and the Northern Territory.
The charts indicate that in a number of states, price comparisons between capital city and regional location
prices on a short-term basis are significantly influenced by price cycles in some capital cities.
In June 2015 in Victoria, Queensland and South Australia the average price across all regional locations in
each state was lower than the average price in Melbourne, Brisbane and Adelaide respectively.
Chart 4.2 Seven-day rolling average petrol prices in Sydney and New South Wales
regional locations: 1 July 2014 to 30 June 2015
Source:
17
ACCC calculations based on FUELtrac data.
There are no prices available for locations in the Australian Capital Territory other than Canberra.
Chart 4.3 Seven-day rolling average petrol prices in Melbourne and Victorian
regional locations: 1 July 2014 to 30 June 2015
Source:
ACCC calculations based on FUELtrac data.
Chart 4.4 Seven-day rolling average petrol prices in Brisbane and Queensland
regional locations: 1 July 2014 to 30 June 2015
Source:
ACCC calculations based on FUELtrac data.
Chart 4.5 Seven-day rolling average petrol prices in Adelaide and South Australian
regional locations: 1 July 2014 to 30 June 2015
Source:
ACCC calculations based on FUELtrac data.
Chart 4.6 Seven-day rolling average petrol prices in Perth and Western Australian
regional locations: 1 July 2014 to 30 June 2015
Source:
ACCC calculations based on FUELtrac data.
Chart 4.7 Seven-day rolling average petrol prices in Hobart and Tasmanian regional
locations: 1 July 2014 to 30 June 2015
Source:
ACCC calculations based on FUELtrac data.
Chart 4.8 Seven-day rolling average petrol prices in Darwin and Northern Territory
regional locations: 1 July 2014 to 30 June 2015
Source:
ACCC calculations based on FUELtrac data.
5 International price movements
The main influences on retail petrol prices in Australia are the international price of refined petrol (which is
influenced by the price of crude oil) and the AUD−USD exchange rate.
5.1
Crude oil and refined petrol
Crude oil prices are an important influence on movements in refined petrol prices around the world. There
are a number of international benchmarks used for pricing crude oil, including West Texas Intermediate
(WTI), Brent, Tapis and Dubai. The most widely used benchmark on global markets is Brent crude oil.
The relevant international benchmark price for petrol in Australia is the price of refined petrol in the AsiaPacific region—Singapore Mogas 95 Unleaded (Mogas 95). This benchmark is used for pricing petrol in
Australia due to Singapore being one of the most important trading and refining centres, and its proximity to
Australia.
Chart 5.1 Weekly average Brent crude oil and Mogas 95 prices: 1 July 2014 to 30
June 2015
Source:
ACCC calculations based on Platts data and US Department of Labor, Bureau of Labor Statistics, Consumer Price Index for all urban
consumers, www.dlt.ri.gov/lmi/pdf/cpi.pdf, accessed on 30 July 2015.
Chart 5.1 shows that weekly average Brent crude oil prices decreased from a high of around USD 111 per
barrel in July 2014 to a low of around USD 47 per barrel in mid-January 2015—a decrease of USD 64 per
barrel or 58 per cent.
The sharp decline in crude oil prices between July 2014 and January 2015 was influenced by a number of
factors, including: an increase in supply; the decision by the Organization of the Petroleum Exporting
Countries in November 2014 to not reduce output in response to falling crude oil prices; and reduced growth
in demand.
Weekly average Brent crude oil prices then steadily increased to around USD 62 per barrel at the end of
June 2015 (an increase of USD 15 per barrel or 32 per cent). The increase was influenced by increasing
political tensions in the Middle East and a slowdown in US and Libyan oil production.
Weekly average Mogas 95 prices decreased from a high of around USD 127 per barrel in July 2014 before
decreasing to around USD 55 per barrel by mid-January 2015—a decrease of USD 72 per barrel or
57 per cent. Subsequently prices increased by USD 27 per barrel (49 per cent) to around USD 82 per barrel
by the end of June 2015.
Mogas 95 prices increased by a significantly greater amount than Brent crude oil prices, influenced by
strikes at a number of US refineries and planned maintenance at a number of Asian refineries in the March
quarter 2015 and by strong demand in the United States, China and India in the June quarter 2015.
5.2
AUD−USD exchange rate
The AUD−USD exchange rate is a significant determinant of Australian retail petrol prices because the
international benchmark prices of refined petrol are bought and sold in United States dollars in global
markets.
Chart 5.2 Daily AUD−USD exchange rates: 1 July 2014 to 30 June 2015
Source:
Reserve Bank of Australia (RBA) data.
Note:
Exchange rates are the daily RBA 4.00 pm closing rates. See: http://www.rba.gov.au/statistics/frequency/exchange-rates.html.
Chart 5.2 shows that at the beginning of July 2014 the AUD−USD exchange rate was around USD 0.95. It
remained relatively stable until mid-September 2014, fluctuating within a USD 0.03 band. The
AUD−USD exchange rate then decreased significantly to a low of around USD 0.76 in early April 2015. The
exchange rate increased to around USD 0.81 in mid-May, before decreasing again to around USD 0.77 at
the end of June 2015.
The average AUD−USD exchange rate in the June quarter 2015 was USD 0.78. This was USD 0.15 lower
than the average in the September quarter 2014 (USD 0.93).
The average AUD−USD exchange rate in 2014−15 was USD 0.84, which was USD 0.08 lower than in
2013−14 (USD 0.92).
6 Diesel and LPG prices
Retail prices of petrol, diesel and LPG generally move in line with their respective international benchmark
prices, which are influenced by different supply and demand factors.
6.1
Diesel price movements
The appropriate international benchmark price for diesel is the price of Singapore Gasoil with 10 parts per
million sulphur content (Gasoil 10 ppm). International demand for diesel is different from that for petrol, in
part because of diesel’s off-road, industrial and electricity generation uses. However, both petrol and diesel
are refined from crude oil and their prices will tend to follow broadly similar movements over the long term.
Chart 6.1 Seven-day rolling average retail diesel prices in the five largest cities and
Gasoil 10 ppm prices: 1 July 2014 to 30 June 2015
Source:
ACCC calculations based on FUELtrac, Platts and RBA data.
Chart 6.1 shows that over 2014−15 retail diesel prices in the five largest cities broadly tracked Gasoil
10 ppm prices:
•
Gasoil 10 ppm prices in Australian cents per litre decreased from around 84 cpl in early-July 2014 to
around 48 cpl in early-February 2015—a decrease of 36 cpl
– over the same period retail diesel prices decreased from around 157 cpl to a low of around 124 cpl—
a decrease of 33 cpl
•
from early-February 2015 Gasoil 10 ppm prices rebounded by 15 cpl, to around 63 cpl at the end of
June 2015
– over the same period retail diesel prices increased by 10 cpl to around 134 cpl.
In the short term, retail diesel prices tend to be less responsive to movements in Gasoil 10 ppm prices, both
up and down, compared with the responsiveness of retail petrol prices to movements in Mogas 95 prices.
There are fewer passenger vehicles that use diesel than use petrol, and diesel also tends to be used by less
price-sensitive consumers than petrol (diesel use is high in European cars, SUVs, and commercial
vehicles). Retail diesel prices tend to be less volatile and do not have price cycles.
6.2
Components of diesel prices
In 2014−15 the annual average retail price of diesel in the five largest cities was 140.4 cpl, which was
17.4 cpl lower than 2013−14.
Chart 6.2 shows that the international price of refined diesel accounted for slightly less than half of the
average pump price of diesel in 2014−15. This was seven percentage points lower than in 2013−14. The
proportion of the average pump price represented by other costs and margins in 2014−15 (16 per cent) was
higher than in 2013−14 (13 per cent).
Chart 6.2 Components of the annual average retail diesel price in the five largest
cities in 2014−15
Source:
6.3
ACCC calculations based on FUELtrac, Platts and RBA data.
LPG price movements
The appropriate benchmarks for LPG are the Saudi Aramco Contract Prices for propane and butane (Saudi
CP). These prices only change once a month, at the start of each month. International LPG prices loosely
move in line with international refined petrol or diesel prices.
As the Saudi CP benchmarks only change at the start of each month, the relationship between movements
in the international benchmark prices and retail prices for LPG is somewhat different from petrol and diesel.
Furthermore, international LPG prices are influenced by non-transport factors such as demand for heating
particularly in the northern hemisphere.
Australian retail LPG prices, like diesel prices, tend to be less volatile than petrol prices and do not have
price cycles. LPG usage in Australia is significantly less than petrol and diesel usage, and there are fewer
retailers of LPG, particularly outside Victoria (where around half of Australia’s LPG usage occurs).
Chart 6.3 Seven-day rolling average retail LPG prices in the five largest cities and
monthly Saudi CP benchmarks: 1 July 2014 to 30 June 2015
Source:
ACCC calculations based on FUELtrac, RBA and Gas Energy Australia data.
Chart 6.3 shows that the Saudi CP benchmarks decreased from around 48 cpl in July 2014 to a low of
around 30 cpl in January 2015—a decrease of 18 cpl. Prices rebounded slightly by around 4 cpl in February
and March 2015 before decreasing by 4 cpl in June 2015.
Retail LPG prices decreased from a high of around 80 cpl in July 2014 to a low of around 63 cpl in lateFebruary 2015—a decrease of 17 cpl. Prices were relatively steady thereafter and were 64 cpl at the end of
June 2015.
On 1 July 2014 excise on automotive LPG increased by 2.5 cpl. There were two further increases in excise
of 0.1 cpl each in November 2014 and February 2015. On 1 July 2015 the rate of excise increased by a
further 2.5 cpl to 12.7 cpl.
6.4
Components of LPG prices
In 2014−15 the annual average retail price of automotive LPG in the five largest cities was 70.7 cpl—a
decrease of 12.3 cpl from 2013−14.
Chart 6.4 shows that over half of the average price of LPG in 2014−15 was accounted for by the Saudi CP
benchmarks. The proportion of the price accounted for by other costs and margins in 2014−15 (24 per cent)
was higher than in 2013−14 (18 per cent).
Other costs and margins make up a relatively large proportion of the retail price for LPG compared with
those for petrol and diesel, because of higher transportation and storage costs for LPG, and the low rate of
excise.
Chart 6.4 Components of the annual average retail LPG price in the five largest cities
in 2014−15
Source:
ACCC calculations based on FUELtrac, RBA and Gas Energy Australia data.
Appendix A—Petrol prices in all monitored locations
The ACCC monitors fuel prices in all capital cities and around 180 regional locations across Australia.
Monthly average retail petrol prices for March and June 2015 and the change between the two are shown in
table A below.18 It also shows the differential between average petrol prices in the five largest cities and in
each regional location in June 2015 and in financial years 2013−14 and 2014−15.
Table A
Monthly average petrol prices in March and June 2015 and the city-country
differential in June 2015, 2013−14 and 2014−15
Location
March June 2015
2015
Change
(Mar to
Jun)
Differential
June 15
Differential
2013−14
Differential
2014−15
Sydney
130.8
140.1
9.3
Melbourne
128.4
139.3
10.9
Brisbane
134.9
144.6
9.7
Adelaide
128.0
140.6
12.6
Perth
129.5
138.2
8.7
Five largest
cities
130.3
140.6
10.3
Hobart
135.5
143.1
7.6
2.5
10.9
11.0
Canberra
133.2
144.5
11.3
3.9
6.8
8.7
Darwin
133.9
134.9
1.0
–5.7
19.8
15.7
New South Wales
Albury
128.2
138.3
10.1
–2.3
2.0
3.5
Armidale
133.2
143.0
9.8
2.4
9.4
10.6
Ballina
130.5
138.1
7.6
–2.5
Batemans Bay
129.1
139.6
10.5
–1.0
Bathurst
128.7
141.0
12.3
0.4
18
6.2
6.2
4.9
For a price to be included in the table there had to be a price observation on at least 75 per cent of days in the month/year. Ten locations—
Bulahdelah, Blackall, Boulder, Buronga, Coober Pedy, Koo Wee Rup, Lithgow, Miles, Mount Barker and Waroona—were excluded on the
basis that insufficient data was available for March or June 2015.
In March and June 2015 E10 rather than RULP prices are reported in Sydney, Batemans Bay, Cowra, Gilgandra, Glen Innes, Gunnedah,
Mittagong, Ulladulla, Wellington, Yass and Ipswich.
The source for all prices in this attachment is ACCC calculations based on FUELtrac and Informed Sources data.
Location
March June 2015
2015
Change
(Mar to
Jun)
Differential
June 15
Differential
2013−14
Differential
2014−15
Bega
136.3
146.2
9.9
5.6
9.8
11.5
Broken Hill
134.6
144.4
9.8
3.8
7.9
12.0
Casino
132.8
140.4
7.6
–0.2
2.8
6.9
Central Coast
133.1
143.9
10.8
3.3
1.9
6.8
Coffs Harbour
133.4
139.4
6.0
–1.2
6.4
8.1
Cooma
136.6
144.9
8.3
4.3
10.0
10.6
Cootamundra
131.8
141.1
9.3
0.5
8.9
8.2
Cowra
127.7
132.5
4.8
–8.1
Deniliquin
133.0
141.6
8.6
1.0
8.3
9.4
Dubbo
127.8
141.4
13.6
0.8
5.8
5.0
Forbes
125.7
133.0
7.3
–7.6
5.2
4.5
Forster
126.6
140.2
13.6
–0.4
6.4
9.3
Gilgandra
130.7
140.6
9.9
0.0
7.6
Glen Innes
128.0
136.6
8.6
–4.0
Goulburn
128.5
143.7
15.2
3.1
4.8
2.5
Grafton
132.9
140.1
7.2
–0.5
4.0
5.3
Griffith
129.3
141.7
12.4
1.1
7.6
7.1
Gundagai
131.7
144.0
12.3
3.4
3.2
8.7
Gunnedah
128.7
142.8
14.1
2.2
9.1
Hay
129.5
139.7
10.2
–0.9
2.4
6.6
Inverell
131.1
137.0
5.9
–3.6
4.1
6.2
6.4
Location
March June 2015
2015
Change
(Mar to
Jun)
Differential
June 15
Differential
2013−14
Differential
2014−15
Jerilderie
132.8
142.0
9.2
1.4
6.4
7.9
Kempsey
132.3
140.2
7.9
–0.4
5.3
8.1
Leeton
130.9
138.3
7.4
–2.3
5.8
6.5
Lismore
131.7
138.3
6.6
–2.3
2.8
5.2
Merimbula
132.9
144.6
11.7
4.0
6.3
10.5
Mittagong
131.0
142.9
11.9
2.3
Moama
128.7
130.9
2.2
–9.7
1.6
4.5
Moree
136.2
143.3
7.1
2.7
8.2
9.8
Moruya
133.7
144.0
10.3
3.4
9.4
8.0
Moss Vale
133.7
148.3
14.6
7.7
5.5
6.3
Mudgee
133.4
147.9
14.5
7.3
9.1
10.2
Murwillumbah
135.5
144.6
9.1
4.0
7.1
9.0
Muswellbrook
126.3
137.8
11.5
–2.8
4.1
3.8
Narrabri
134.8
145.1
10.3
4.5
9.8
10.4
Newcastle
130.7
138.6
7.9
–2.0
4.8
3.3
Nowra
133.0
142.8
9.8
2.2
6.5
Nyngan
137.7
148.1
10.4
7.5
10.7
Orange
132.4
140.7
8.3
0.1
2.6
7.2
Parkes
132.5
141.5
9.0
0.9
7.2
7.7
Port Macquarie
133.8
143.3
9.5
2.7
7.8
11.2
Queanbeyan
132.4
144.9
12.5
4.3
5.7
7.4
Location
March June 2015
2015
Change
(Mar to
Jun)
Differential
June 15
Differential
2013−14
Differential
2014−15
Singleton
135.2
144.2
9.0
3.6
6.0
8.7
Tamworth
130.6
142.0
11.4
1.4
7.1
10.3
Taree
132.7
142.0
9.3
1.4
7.3
8.1
Temora
131.3
139.6
8.3
–1.0
6.8
6.7
Tumut
133.5
144.8
11.3
4.2
13.4
11.8
Tweed Heads
South
133.9
144.8
10.9
4.2
1.5
4.6
Ulladulla
126.9
139.5
12.6
–1.1
Wagga Wagga
133.4
139.7
6.3
–0.9
7.8
8.8
Wauchope
134.1
144.8
10.7
4.2
7.5
10.8
Wellington
129.6
133.0
3.4
–7.6
5.1
West Wyalong
133.2
144.5
11.3
3.9
7.7
7.3
Wollongong
129.7
142.1
12.4
1.5
4.2
0.0
Woolgoolga
135.7
141.5
5.8
0.9
5.8
11.7
Yass
132.2
145.7
13.5
5.1
6.4
7.2
Northern Territory
Alice Springs
138.9
140.9
2.0
0.3
27.8
24.7
Katherine
133.8
137.5
3.7
–3.1
13.6
14.1
Tennant Creek
159.6
162.7
3.1
22.1
31.7
34.6
Atherton
132.9
144.9
12.0
4.3
7.5
12.2
Ayr
133.3
132.7
–0.6
–7.9
8.5
2.7
Biloela
133.3
144.1
10.8
3.5
8.3
7.9
Queensland
Location
March June 2015
2015
Change
(Mar to
Jun)
Differential
June 15
Differential
2013−14
Differential
2014−15
Blackwater
133.1
146.2
13.1
5.6
6.4
11.4
Bowen
133.6
146.1
12.5
5.5
8.4
10.5
Bundaberg
132.7
146.0
13.3
5.4
5.2
7.2
Cairns
134.4
146.3
11.9
5.7
8.2
12.3
Charters Towers
134.0
146.2
12.2
5.6
7.0
10.7
Childers
132.9
142.9
10.0
2.3
5.5
5.9
Dalby
133.0
139.8
6.8
–0.8
8.2
7.5
Emerald
132.9
146.2
13.3
5.6
5.8
11.0
Gladstone
133.5
145.0
11.5
4.4
7.3
10.2
Gold Coast
136.1
143.6
7.5
3.0
2.3
3.5
Goondiwindi
132.0
146.0
14.0
5.4
6.6
9.9
Gympie
128.8
138.7
9.9
–1.9
3.1
1.8
Hervey Bay
132.7
144.3
11.6
3.7
3.8
5.6
Ingham
132.6
145.5
12.9
4.9
6.6
9.8
Innisfail
133.2
141.1
7.9
0.5
8.3
10.9
Ipswich
134.6
145.4
10.8
4.8
2.2
Kingaroy
133.4
142.1
8.7
1.5
5.7
8.5
Longreach
138.5
148.5
10.0
7.9
15.9
18.7
Mackay
127.3
146.0
18.7
5.4
4.8
4.4
Mareeba
134.5
145.6
11.1
5.0
6.7
12.6
Maryborough
130.4
139.2
8.8
–1.4
3.8
4.4
Location
March June 2015
2015
Change
(Mar to
Jun)
Differential
June 15
Differential
2013−14
Differential
2014−15
Moranbah
135.5
141.9
6.4
1.3
12.5
12.4
Mt Isa
140.3
148.2
7.9
7.6
10.6
16.3
Rockhampton
134.7
147.8
13.1
7.2
7.5
10.2
Roma
133.3
144.9
11.6
4.3
6.3
13.2
Sunshine Coast
131.3
141.1
9.8
0.5
1.5
3.2
Toowoomba
131.5
138.6
7.1
–2.0
1.4
5.0
Townsville
132.9
146.1
13.2
5.5
4.3
7.0
Tully
133.7
146.1
12.4
5.5
8.3
11.8
Warwick
132.5
139.8
7.3
–0.8
0.4
4.1
Whitsunday
123.2
128.8
5.6
–11.8
2.9
0.2
Yeppoon
133.5
147.1
13.6
6.5
6.0
10.2
Bordertown
131.0
138.1
7.1
–2.5
5.6
5.9
Ceduna
134.9
140.8
5.9
0.2
12.2
10.4
Clare
129.5
138.3
8.8
–2.3
2.0
2.6
Gawler
130.5
141.4
10.9
0.8
0.6
0.2
Kadina
130.1
137.8
7.7
–2.8
2.9
2.9
Keith
133.4
140.3
6.9
–0.3
3.8
5.2
Loxton
128.2
137.0
8.8
–3.6
3.2
2.7
Mt Gambier
130.1
136.2
6.1
–4.4
3.2
4.5
Murray Bridge
127.7
137.2
9.5
–3.4
2.1
2.8
Naracoorte
129.3
138.1
8.8
–2.5
3.1
5.0
South Australia
Location
March June 2015
2015
Change
(Mar to
Jun)
Differential
June 15
Differential
2013−14
Differential
2014−15
Port Augusta
127.8
136.8
9.0
–3.8
3.3
1.7
Port Lincoln
130.4
137.9
7.5
–2.7
8.4
6.9
Port Pirie
127.8
137.0
9.2
–3.6
2.0
2.2
Renmark
129.8
130.2
0.4
–10.4
2.0
1.8
Tailem Bend
129.3
136.5
7.2
–4.1
3.1
2.8
Victor Harbour
129.6
136.0
6.4
–4.6
2.5
1.4
Whyalla
119.2
121.2
2.0
–19.4
5.0
0.8
Burnie
134.5
143.1
8.6
2.5
11.3
11.6
Devonport
133.9
143.0
9.1
2.4
11.4
11.3
Huonville
134.4
143.5
9.1
2.9
11.3
11.6
Launceston
137.2
146.3
9.1
5.7
12.0
13.1
New Norfolk
135.0
145.0
10.0
4.4
12.7
14.1
Queenstown
139.3
149.6
10.3
9.0
13.4
14.4
Smithton
140.1
148.6
8.5
8.0
11.7
13.0
Sorell
133.9
141.8
7.9
1.2
9.8
10.1
Ulverstone
134.4
143.2
8.8
2.6
11.3
11.5
Wynyard
135.2
143.0
7.8
2.4
13.7
12.0
Ararat
123.7
128.0
4.3
–12.6
0.9
0.1
Bairnsdale
124.2
125.4
1.2
–15.2
–2.3
–2.2
Ballarat
118.4
127.2
8.8
–13.4
–0.2
–1.0
Tasmania
Victoria
Location
March June 2015
2015
Change
(Mar to
Jun)
Differential
June 15
Differential
2013−14
Differential
2014−15
Benalla
130.1
138.8
8.7
–1.8
5.6
8.5
Bendigo
117.5
131.1
13.6
–9.5
–1.9
–2.9
Cobram
128.4
138.3
9.9
–2.3
4.2
5.3
Colac
132.6
137.7
5.1
–2.9
5.2
7.4
Corryong
135.7
146.3
10.6
5.7
8.8
12.1
Echuca
128.8
131.9
3.1
–8.7
2.3
5.1
Euroa
130.1
136.4
6.3
–4.2
5.0
3.2
Geelong
127.6
139.4
11.8
–1.2
–2.2
–1.7
Hamilton
132.8
136.6
3.8
–4.0
4.7
7.6
Horsham
133.1
137.0
3.9
–3.6
5.0
8.7
Kyabram
126.2
137.0
10.8
–3.6
5.2
4.9
Lakes Entrance
132.8
140.1
7.3
–0.5
2.4
8.6
Leongatha
132.8
141.4
8.6
0.8
6.0
6.1
Mildura
131.3
138.6
7.3
–2.0
4.9
5.8
Moe
131.3
140.3
9.0
–0.3
1.2
4.3
Morwell
131.2
135.1
3.9
–5.5
3.3
5.0
Portland
124.3
140.0
15.7
–0.6
1.6
2.3
Sale
123.9
138.4
14.5
–2.2
3.8
3.5
Seymour
129.2
139.6
10.4
–1.0
–0.1
1.0
Shepparton
123.6
137.3
13.7
–3.3
4.6
4.5
Swan Hill
133.4
139.7
6.3
–0.9
5.7
8.6
Location
March June 2015
2015
Change
(Mar to
Jun)
Differential
June 15
Differential
2013−14
Differential
2014−15
Traralgon
130.1
133.0
2.9
–7.6
3.1
2.9
Wallan
128.0
138.7
10.7
–1.9
–0.8
–1.8
Wangaratta
128.3
133.8
5.5
–6.8
6.2
3.0
Warrnambool
128.6
136.2
7.6
–4.4
0.3
0.9
Wodonga
128.7
139.2
10.5
–1.4
2.5
4.0
Yarrawonga
131.0
142.3
11.3
1.7
2.6
7.3
Western Australia
Albany
130.4
139.6
9.2
–1.0
6.6
7.0
Bridgetown
137.7
146.3
8.6
5.7
11.0
12.4
Broome
141.1
143.1
2.0
2.5
26.3
18.5
Bunbury
128.6
139.2
10.6
–1.4
1.3
5.2
Busselton
128.7
138.1
9.4
–2.5
4.4
5.2
Carnarvon
148.8
149.1
0.3
8.5
21.6
23.7
Collie
135.1
142.1
7.0
1.5
5.9
9.6
Dongara
141.8
152.5
10.7
11.9
16.8
19.6
Esperance
134.1
138.8
4.7
–1.8
11.8
13.2
Geraldton
131.9
142.9
11.0
2.3
8.0
10.5
Kalgoorlie
127.9
137.1
9.2
–3.5
6.7
8.1
Karratha
142.9
147.9
5.0
7.3
17.4
22.4
Manjimup
132.2
140.8
8.6
0.2
10.3
9.4
Port Hedland
142.1
146.6
4.5
6.0
16.3
21.1