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www.accc.gov.au
Report on the Australian petroleum market—March quarter 2015
May 2015
ISBN 978 1 922145 52 9
Australian Competition and Consumer Commission 23 Marcus Clarke Street, Canberra, Australian Capital Territory, 2601
© Commonwealth of Australia 2015
This work is copyright. In addition to any use permitted under the Copyright Act 1968, all material contained within this work is provided under a Creative Commons Attribution 3.0 Australia licence, with the exception of:• the Commonwealth Coat of Arms• the ACCC and AER logos• any illustration, diagram, photograph or graphic over which the Australian Competition and Consumer Commission does not hold
copyright, but which may be part of or contained within this publication.
The details of the relevant licence conditions are available on the Creative Commons website, as is the full legal code for the CC BY 3.0 AU licence.
Requests and inquiries concerning reproduction and rights should be addressed to the Director, Corporate Communications, ACCC, GPO Box 3131, Canberra ACT 2601, or [email protected].
Important notice
The information in this publication is for general guidance only. It does not constitute legal or other professional advice, and should not be relied on as a statement of the law in any jurisdiction. Because it is intended only as a general guide, it may contain generalisations. You should obtain professional advice if you have any specific concern.
The ACCC has made every reasonable effort to provide current and accurate information, but it does not make any guarantees regarding the accuracy, currency or completeness of that information.
Parties who wish to republish or otherwise use the information in this publication must check this information for currency and accuracy prior to publication. This should be done prior to each publication edition, as ACCC guidance and relevant transitional legislation frequently change. Any queries parties have should be addressed to the Director, Corporate Communications, ACCC, GPO Box 3131, Canberra ACT 2601, or [email protected].
ACCC 05/15_976
www.accc.gov.au
Contents
Key messages 1
1 Developments in the petroleum industry 3
1.1 Sale of Chevron share in Caltex Australia 3
1.2 Increase in fuel excise 3
2 ACCC activities 4
2.1 ACCC and the petrol industry 4
2.2 Activities during the quarter 4
3 Retail petrol price movements—five largest cities 5
3.1 Prices over the year to March 2015 5
3.2 Retail prices compared with Mogas 95 prices 6
3.3 Price cycles 6
3.4 Gross indicative retail differences 8
3.5 Prices in the three smaller capital cities 10
3.6 Retail prices of the different petrol grades 11
4 Retail price movements—regional locations 12
4.1 Influences on regional petrol prices 12
4.2 Regional petrol prices 12
4.3 Prices in each of the states and the Northern Territory 13
5 International price movements 17
5.1 Crude oil and refined petrol 17
5.2 AUD–USD exchange rate 18
6 Diesel and LPG prices 19
6.1 Diesel price movements 19
6.2 LPG price movements 20
Appendix A—Petrol prices in all monitored locations 22
1 Quarterly report on the Australian petroleum industry—May 2015
Key messages
Retail petrol prices fell to 15-year lows in early February 2015
In early February 2015 retail petrol prices in the five largest cities (i.e. Sydney, Melbourne, Brisbane, Adelaide and Perth) fell to their lowest level in real terms since June 1999, reflecting large falls in international crude oil and refined petrol prices. In nominal terms, they were at their lowest level since December 2008.
Strong growth in crude oil production and weak demand led to Brent crude oil prices decreasing by almost 60 per cent between July 2014 and January 2015. There was a similar fall in international refined petrol prices (i.e. Singapore Mogas 95 Unleaded).
These decreases were reflected in retail petrol prices in the five largest cities. Seven-day rolling average prices fell from a high of around 158 cents per litre (cpl) in July 2014 to a low of around 103 cpl in early February 2015.
Retail prices rebounded in February and March 2015 following increases in international refined petrol prices and a weaker AUD–USD exchange rate
In February and March 2015 a reduction in the number of active US oil rigs and increasing tensions in the Middle East contributed to a 19 per cent increase in weekly average Brent crude oil prices to around USD 56 per barrel by the end of March 2015.
Over the same period Mogas 95 prices increased to around USD 74 per barrel (a 35 per cent increase), significantly more than the change in Brent crude oil prices. This increase was influenced by strikes at a number of US refineries and planned maintenance at a number of Asian refineries.
In the March quarter 2015 the AUD–USD exchange rate continued to weaken, decreasing from around USD 0.82 in mid-January 2015 to around USD 0.76 by the end of March 2015. Mogas 95 prices in Australian cents per litre would have been around 4 cpl lower if the AUD–USD exchange rate had remained constant at USD 0.82.
As a result of increasing Mogas 95 prices and the weaker AUD–USD exchange rate, seven-day rolling average retail petrol prices in the five largest cities increased by 30 cpl (30 per cent) to a high of around 133 cpl in late March 2015.
By the end of March 2015 over 50 per cent of the decrease in retail petrol prices since July 2014 had been reversed.
All else being equal, the difference between international refined petrol prices and crude oil prices should decrease in coming months, as refineries in the region return from maintenance.
The differential between petrol prices in the larger cities and those in regional locations decreased substantially over the quarter
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. In December 2014 the differential between average prices across all regional locations and average prices in the five largest cities was 17.5 cpl, and remained around this level in January 2015.
In February 2015 average prices across all regional locations decreased, while average prices in the five largest cities increased in response to rising international refined petrol prices. In March 2015 average regional prices in aggregate increased by 9.5 cpl, compared with an increase of 21.1 cpl in the five largest cities from their lowest price in January 2015.
2 Quarterly report on the Australian petroleum industry—May 2015
The differential between average prices across all regional locations and average prices in the five largest cities was 1.9 cpl in March 2015, well below both the differential in December 2014 and in 2013–14 (5.9 cpl).
Petrol price cycles returned in the eastern capital cities
As retail prices fell significantly in the December quarter 2014, there was a long period in the eastern capital cities (i.e. Sydney, Melbourne, Brisbane and Adelaide) when petrol price cycles did not occur. In February and March 2015 price cycles resumed in these cities, although the cyclical pattern was more evident in some cities than in others.
The absence of price cycles in the December quarter 2014 in the eastern capital cities may have contributed to the decrease in retail prices being larger than the fall in Mogas 95 prices in Australian cents per litre. Similarly, the resumption of price cycles in the March quarter 2015 may have had a reverse effect.
The irregularity of petrol price cycles in the eastern capital cities makes it difficult for consumers to save money by timing their petrol purchases around the bottom of the cycle.
The difference between city and country prices will be influenced by the stage and timing of price cycles in the larger capital cities.
Retail LPG prices are sometimes quicker to follow increases in international benchmark prices compared with price decreases
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, and loosely move in line with international refined petrol or diesel prices.
Although it was not evident in the March quarter 2015, the ACCC has found that, over recent years, when Saudi CP prices increase substantially retail LPG prices generally increase quickly. The increase is generally passed on within two to three weeks. However, when international prices decrease substantially retail prices tend to decrease more slowly. Retail LPG prices may be less sensitive to decreases in international benchmark prices due to lower volumes and less competition, compared with the larger petrol market.
3 Quarterly report on the Australian petroleum industry—May 2015
1 Developments in the petroleum industry
1.1 Sale of Chevron share in Caltex Australia
On 27 March 2015 Chevron announced that it had entered into an underwriting agreement for the sale of its 50 per cent shareholding in Caltex Australia. Chevron stated that: ‘This transaction reflects Chevron’s commitment to regularly review our portfolio and generate cash to support our long-term priorities.’1
Two days later Chevron announced that it had completed the sale of its 135 million shares at a share price of AUD 35.00.2 A media report noted strong demand from overseas and local institutional investors.3 Bloomberg commented that the sale was the largest block trade ever in Australia.4
Caltex Australia announced that its business would remain unaffected by the sale, stating in a media release on 27 March 2015 that: ‘Caltex remains committed to its vision of remaining the outright leader in transport fuels in Australia and Chevron’s sale will not change this.’5
1.2 Increase in fuel excise
On 13 May 2014 the Australian Government announced in the 2014–15 Budget that it would reintroduce biannual indexation, by the Consumer Price Index, of excise and excise-equivalent customs duty for all fuels except aviation fuels.6
The announced excise changes took effect from 10 November 2014. Excise on petrol and diesel increased from 38.143 cents per litre (cpl) to 38.600 cpl, and excise on automotive LPG increased from 10.0 cpl to 10.1 cpl.
On 2 February 2015 excise on petrol and diesel increased to 38.900 cpl and excise on automotive LPG increased to 10.2 cpl.
1 Chevron (2015), Chevron Announces Sale of Interest in Caltex Australia Ltd, press release, 27 March 2015, http://investor.chevron.com/phoenix.zhtml?c=130102&p=irol-newsArticle&ID=2030088, accessed on 21 April 2015.
2 Chevron (2015), Chevron Concludes Sale of Interest in Caltex Australia Ltd, press release, 29 March 2015, http://investor.chevron.com/phoenix.zhtml?c=130102&p=irol-newsArticle&ID=2030308, accessed on 21 April 2015.
3 Sydney Morning Herald (2015), Caltex Australia set to pursue acquisitions after Chevron exit, 30 March 2015, http://www.smh.com.au/business/caltex-australia-set-to-pursue-acquisitions-after-chevron-exit-20150330-1mapaz.html, accessed on 29 April 2015.
4 Bloomberg (2015), Chevron to Exit Australian Shale Gas, Sells Refining Venture, 27 March 2015, http://www.bloomberg.com/news/articles/2015−03−27/chevron-to-sell-50-of-caltex-as-part-of-15-billion-asset-sales, accessed on 21 April 2015.
5 Caltex Australia (2015), Caltex business unaffected by Chevron sale, media release, 27 March 2015, http://www.caltex.com.au/LatestNews/Pages/NewsItem.aspx?ID=13519, accessed on 21 April 2015.
6 Automatic twice yearly indexation of excise on petrol commenced in 1983−84 and occurred each year on 1 February and 1 August. The indexation was based on the movements in the Consumer Price Index over the previous six months. The automatic indexation of excise stopped in March 2001 and the excise rate for petrol and diesel remained at 38.143 cpl.
4 Quarterly report on the Australian petroleum industry—May 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 new fuel monitoring arrangements
New ACCC monitoring arrangements for the fuel industry were announced on 15 January 2015 by ACCC Chairman, Rod Sims, following a new Ministerial direction given to the ACCC in December 2014.7 The media release outlined the two new strands of monitoring activities: ‘macro’ quarterly reports to monitor prices, costs and profits in the downstream Australian petroleum industry; and ‘micro’ market studies to examine issues in considerable depth (including analysing the price drivers of petrol in three regional markets).
In February 2015 the ACCC released its first ‘macro’ quarterly report, and this report is its second. In March 2015 the ACCC announced that Darwin would be the location for the first regional fuel market study.8 This market study is currently in progress, and the ACCC is using its mandatory information gathering powers under the Act to obtain relevant information from market participants.
2.2.2 ACCC proceedings about price information sharing
The ACCC instituted proceedings against Informed Sources Australia and five petrol retailers in August 2014. The ACCC alleges that the information sharing arrangements between Informed Sources and the petrol retailers, through the services provided by Informed Sources, contravene s. 45 of the Act. Subscribers to the Informed Sources service provide pricing data to Informed Sources at frequent, regular intervals and in return receive from it collated data from the other subscribers, and various reports containing pricing information across particular regions.
The ACCC alleges that the arrangements had the effect or likely effect of substantially lessening competition in markets for the sale of petrol in Melbourne. A hearing has been set for February 2016 in the Federal Court of Australia.
2.2.3 ACCC fuel-related communications and media activity
The ACCC petrol price cycle webpages continued to be some of the most visited pages on the ACCC website, with around 25 000 hits in the March quarter 2015. All fuel-related web pages on the ACCC received around 38 000 hits in the quarter.
As well as the three media announcements mentioned in section 2.2.1, in the March quarter 2015 the ACCC responded to many media enquiries and fuel-related enquiries through the ACCC Infocentre, and prepared replies to correspondence from Ministers and Members of Parliament. The issues raised included: high petrol prices in regional locations; high price differentials between regional locations and capital cities as global oil prices trended lower; and the selection of locations for the ACCC’s regional fuel market studies. Social media also continued to grow as an active channel for fuel-related commentary and enquiries from interested parties.
7 Australian Competition and Consumer Commission (ACCC) (2015), ACCC’s new petrol price reports, media release, 15 January 2015, https://www.accc.gov.au/media-release/acccs-new-petrol-price-reports accessed on 21 April 2015.
8 ACCC (2015), ACCC releases first quarterly petrol report, media release, 26 February 2015, https://www.accc.gov.au/media-release/accc-releases-first-quarterly-petrol-report accessed on 21 April 2015; and 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 on 21 April 2015.
5 Quarterly report on the Australian petroleum industry—May 2015
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).9 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.
On 2 February 2015 seven-day rolling average retail petrol prices in the five largest cities (103.0 cpl) were the lowest in real terms since 22 June 1999, when they were 102.8 cpl (65.2 cpl in nominal terms).10 Prices were at their lowest level since December 2008 in nominal terms.
3.1 Prices over the year to March 2015
Chart 3.1 Seven-day rolling average retail petrol prices, five largest cities: 1 April 2014 to 31 March 201511
cpl
100
110
120
130
140
150
160
170
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
Source: ACCC calculations based on FUELtrac and Informed Sources data.12
Note: The area to the right of the dotted vertical line in this and subsequent charts represents the March quarter 2015.
Chart 3.1 shows that:
• retail petrol prices in the five largest cities ranged from a high of around 158 cpl in July 2014 to a low of around 103 cpl in February 2015—a range of 55 cpl
• between April and July 2014 prices were broadly within a 13 cpl band between 145 cpl and 158 cpl
• prices then decreased by 16 cpl from around 158 cpl in July 2014 to around 142 cpl in November 2014
• the price decrease accelerated during December 2014 and January 2015
• after reaching a low in early February 2015 of around 103 cpl, prices subsequently increased by 30 cpl to a high of around 133 cpl at the end of March 2015.
9 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.
10 ACCC calculations based on data from FUELtrac, Informed Sources and ABS, 6401.0 Consumer Price Index, Australia, March 2015, TABLES 1 and 2. CPI: All Groups, Index Numbers and Percentage Changes, 22 April 2015. The base period is the March quarter 2015. Note that in 1999 there was a lower excise rate, no GST and various state government fuel subsidies.
11 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.
12 From 1 July 2014 the ACCC has obtained its fuel price data from FUELtrac. Prior to that date it obtained data from Informed Sources.
6 Quarterly report on the Australian petroleum industry—May 2015
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: April 2014 to March 2015
cpl
cpl
Five largest cities (LHS) Mogas 95 (RHS)
Apr-14
May
-14
Jun-14
Jul-14
Aug
-14
Sep
-14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb
-15
Mar-15
85
95
105
115
125
135
145
155
165
30
40
50
60
70
80
90
100
110
Source: ACCC calculations based on FUELtrac, Informed Sources, Platts and RBA data.
In the year to March 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.
In June 2014 monthly average Mogas 95 prices in Australian cents per litre were 83.1 cpl and by January 2015 they had fallen to 44.7 cpl—a decrease of 38.4 cpl. This fall was reflected in the decrease in average retail prices in the five largest cities. Between June 2014 and January 2015 monthly average retail prices decreased by 42.7 cpl, from a high of 151.9 cpl to a low of 109.2 cpl.
Mogas 95 prices rebounded from their low point in January 2015 to be 60.1 cpl in March 2015. Over the same period average retail prices in the five largest cities increased by 21.1 cpl to 130.3 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.
7 Quarterly report on the Australian petroleum industry—May 2015
Table 3.1 Number of price cycles per quarter—five largest cities: June quarter 2013 to March quarter 201513
Sydney Melbourne Brisbane Adelaide Perth
Jun-13 4 5 5 9 13
Sep-13 6 6 5 5 13
Dec-13 5 5 5 5 13
Mar-14 5 6 6 7 13
Year to March 2014 20 22 21 26 52
Jun-14 4 4 4 5 13
Sep-14 3 3 3 3 13
Dec-14 2 1 2 2 13
Mar-15 2 2 1 1 13
Year to March 2015 11 10 10 11 52
Source: ACCC analysis based on FUELtrac and Informed Sources data.
Table 3.1 shows that over the two years to March 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 the year to March 2015 than in the previous year
• in the March quarter 2015 there were two price cycles in Sydney and Melbourne and only one in Brisbane and Adelaide—significantly less than in the March quarter 2014 when there were at least five price cycles in each city.
In contrast, Perth had regular weekly price cycles over the two year period.
As retail prices fell significantly in the December quarter 2014, there was a long period in the eastern capital cities when petrol price cycles did not occur. In February and March 2015 price cycles resumed in these cities, although the cyclical pattern was more evident in some cities than in others. This is shown for Melbourne in chart 3.3.
Chart 3.3 Daily average retail petrol prices in Melbourne: 1 April 2014 to 31 March 2015
cpl
100
110
120
130
140
150
160
170
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
Source: ACCC calculations based on FUELtrac and Informed Sources data.
13 The number of price cycles in a period is defined as the number of peaks that occurred in that period. Sydney prices in 2014 are E10 rather than RULP prices.
8 Quarterly report on the Australian petroleum industry—May 2015
The absence of price cycles in the December quarter 2014 in the eastern capital cities may have contributed to the decrease in retail prices being larger than the fall in Mogas 95 prices in Australian cents per litre shown in chart 3.2. Similarly, the resumption of price cycles in the March quarter 2015 may have had a reverse effect.
3.4 Gross indicative retail differences
Gross indicative retail differences (GIRDs) are calculated by subtracting average terminal gate prices (TGPs) from average retail petrol 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 March 2015:
• Five-city average GIRDs decreased by 2.7 cpl between the December quarter 2014 and the March quarter 2015—from 9.4 cpl to 6.7 cpl. GIRDS decreased in all cities.
• GIRDS varied significantly over the period and across cities, ranging from a high of 13.5 cpl (in Brisbane in December quarter 2014) to a low of 4.5 cpl (in Adelaide in March quarter 2015).
• In the year to March 2015 five-city average GIRDs were 7.8 cpl, a decrease of 0.2 cpl from the previous year. 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: June quarter 2013 to March quarter 2015
Location Quarter Retail pricecpl
TGPcpl
GIRDcpl
Five largest cities Jun-13 140.0 133.1 6.9
Sep-13 150.5 142.7 7.8
Dec-13 147.6 138.9 8.7
Mar-14 153.9 145.4 8.5
Year to March 2014 148.0 140.0 8.0
Jun-14 150.7 143.1 7.6
Sep-14 146.1 138.6 7.5
Dec-14 135.1 125.7 9.4
Mar-15 118.9 112.2 6.7
Year to March 2015 137.7 129.9 7.8
Sydney Jun-13 139.2 133.6 5.6
Sep-13 150.2 143.1 7.1
Dec-13 147.0 139.5 7.5
Mar-14 152.2 146.0 6.2
Year to March 2014 147.2 140.5 6.7
Jun-14 149.7 143.5 6.2
Sep-14 143.9 137.1 6.8
Dec-14 133.8 124.2 9.6
Mar-15 117.1 111.0 6.1
Year to March 2015 136.1 128.9 7.2
9 Quarterly report on the Australian petroleum industry—May 2015
Location Quarter Retail pricecpl
TGPcpl
GIRDcpl
Melbourne Jun-13 138.9 133.0 5.9
Sep-13 149.5 142.5 7.0
Dec-13 145.8 138.9 6.9
Mar-14 152.3 145.5 6.8
Year to March 2014 146.6 140.0 6.6
Jun-14 148.4 142.9 5.5
Sep-14 145.8 139.0 6.8
Dec-14 132.2 126.1 6.1
Mar-15 117.4 112.6 4.8
Year to March 2015 135.9 130.2 5.7
Brisbane Jun-13 142.1 133.1 9.0
Sep-13 152.5 142.8 9.7
Dec-13 150.6 138.8 11.8
Mar-14 157.5 145.2 12.3
Year to March 2014 150.7 140.0 10.7
Jun-14 153.5 143.0 10.5
Sep-14 148.9 139.1 9.8
Dec-14 139.6 126.1 13.5
Mar-15 122.0 112.6 9.4
Year to March 2015 141.0 130.2 10.8
Adelaide Jun-13 138.9 133.3 5.6
Sep-13 149.0 142.9 6.1
Dec-13 147.2 139.0 8.2
Mar-14 153.1 145.4 7.7
Year to March 2014 147.1 140.2 6.9
Jun-14 149.6 143.2 6.4
Sep-14 143.7 138.9 4.8
Dec-14 133.2 125.3 7.2
Mar-15 116.8 112.3 4.5
Year to March 2015 135.8 130.1 5.7
Perth Jun-13 140.8 132.5 8.3
Sep-13 151.1 142.3 8.8
Dec-13 147.5 138.4 9.1
Mar-14 154.2 144.9 9.3
Year to March 2014 148.4 139.5 8.9
Jun-14 152.4 142.7 9.7
Sep-14 148.3 139.2 9.1
Dec-14 136.7 126.2 10.5
Mar-15 121.2 112.6 8.6
Year to March 2015 139.7 130.2 9.5
Source: ACCC calculations based on data from FUELtrac, Informed Sources, WA FuelWatch and information provided by the monitored companies.
10 Quarterly report on the Australian petroleum industry—May 2015
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: April 2014 to March 2015
cpl
100
110
120
130
140
150
160
170
180Apr-14
May
-14
Jun-14
Jul-14
Aug
-14
Sep
-14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb
-15
Mar-15
Five largest citiesHobart Canberra Darwin
Source: ACCC calculations based on Informed Sources and FUELtrac data.
Chart 3.4 shows that:
• prices in the three smaller capital cities were always higher than in the five largest cities
• prices in Darwin were higher than those in Hobart and Canberra for the whole period except for March 2015.
Factors that may lead to relatively higher prices in Canberra, Hobart and Darwin are similar to those factors influencing prices in regional locations outlined in section 4.1.
11 Quarterly report on the Australian petroleum industry—May 2015
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 the year to March 2015.
Chart 3.5 Monthly average retail prices of RULP, PULP 95, PULP 98 and E10 in the five largest cities: April 2014 to March 2015
cpl
100
110
120
130
140
150
160
170
180
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
E10RULP PULP 95 PULP 98
Source: ACCC calculations based on FUELtrac and Informed Sources data.
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. They will then adjust this premium from time to time reflecting changes in international benchmark differentials, local supply and demand factors, and other factors.
In the year to March 2015 in the five largest cities the average differential between:
• RULP and PULP 95 prices was 10.6 cpl
• RULP and PULP 98 prices was 16.5 cpl
• E10 and RULP prices was 2.2 cpl.
12 Quarterly report on the Australian petroleum industry—May 2015
4 Retail price movements—regional locationsThe 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: April 2014 to March 2015
cpl
115
105
125
135
145
155
165
Regional locationsFive largest cities
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
Source: ACCC calculations based on FUELtrac and Informed Sources data.
Chart 4.1 shows that monthly average prices in the five largest cities reached a low of 109.2 cpl in January 2015. Prices in regional locations in aggregate reached a low of 122.7 cpl a month later. The decrease in prices from the peak in mid-2014 in the five largest cities was 42.7 cpl, whereas in the regional locations in aggregate the decrease was 34.7 cpl.
Prices in the five largest cities subsequently increased by 21.1 cpl to 130.3 cpl in March 2015. Prices in the regional locations in aggregate also increased but by a smaller amount (by 9.5 cpl), ending the quarter at 132.2 cpl. The price differential between regional locations in aggregate and the five largest cities in March 2015 was 1.9 cpl—a significant decrease from the differential in December 2014 of 17.5 cpl. It was also substantially lower than the average differential of 5.9 cpl in 2013−14.
Between December 2014 and March 2015 there were decreases in monthly average retail petrol prices in 94 per cent of the regional locations monitored by the ACCC. In March 2015 over 30 per cent of regional locations had prices lower than those in the five largest cities.
Further information on petrol price movements between December 2014 and March 2015 in all locations monitored by the ACCC are presented in appendix A.
13 Quarterly report on the Australian petroleum industry—May 2015
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 April 2014 to 31 March 2015.14 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.
The charts also indicate that while, as noted above, the price differential between regional locations and their respective capital cities has significantly decreased over the quarter, the price differential between Darwin and regional locations in the Northern Territory remains high. Petrol prices in Darwin are being examined in a regional market study.
Chart 4.2 Seven-day rolling average petrol prices in Sydney and New South Wales regional locations: 1 April 2014 to 31 March 2015
90
100
110
120
130
140
150
160
170
180
NSW regional locations Sydney
cpl
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
March avg: 1.2 cpl
December avg: 20.5 cpl
2013–14 avg: 7.0 cpl
Source: ACCC calculations based on FUELtrac and Informed Sources data.
14 There are no prices available for locations in the Australian Capital Territory other than Canberra.
14 Quarterly report on the Australian petroleum industry—May 2015
Chart 4.3 Seven-day rolling average petrol prices in Melbourne and Victorian regional locations: 1 April 2014 to 31 March 2015
90
100
110
120
130
140
150
160
170
180
Vic regional locations Melbourne
cpl
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
March avg: 0.2 cpl
December avg: 15.7 cpl
2013–14 avg: 4.4 cpl
Source: ACCC calculations based on FUELtrac and Informed Sources data.
Chart 4.4 Seven-day rolling average petrol prices in Brisbane and Queensland regional locations: 1 April 2014 to 31 March 2015
90
100
110
120
130
140
150
160
170
180
Qld regional locations Brisbane
cpl
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
March avg: –1.6 cpl
December avg: 13.7 cpl
2013–14 avg: 3.7 cpl
Source: ACCC calculations based on FUELtrac and Informed Sources data.
15 Quarterly report on the Australian petroleum industry—May 2015
Chart 4.5 Seven-day rolling average petrol prices in Adelaide and South Australian regional locations: 1 April 2014 to 31 March 2015
90
100
110
120
130
140
150
160
170
180
SA regional locations Adelaide
cpl
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
March avg: 2.0 cpl
December avg: 13.9 cpl
2013–14 avg: 5.6 cpl
Source: ACCC calculations based on FUELtrac and Informed Sources data.
Chart 4.6 Seven-day rolling average petrol prices in Perth and West Australian regional locations: 1 April 2014 to 31 March 2015
90
100
110
120
130
140
150
160
170
180
WA regional locations Perth
cpl
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
March avg: 5.8 cpl
December avg: 20.4 cpl2013–14 avg: 10.1 cpl
Source: ACCC calculations based on FUELtrac and Informed Sources data.
16 Quarterly report on the Australian petroleum industry—May 2015
Chart 4.7 Seven-day rolling average petrol prices in Hobart and Tasmanian regional locations: 1 April 2014 to 31 March 2015
90
100
110
120
130
140
150
160
170
180
Tas regional locations Hobart
cpl
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
March avg: 0.3 cpl
December avg: 4.2 cpl
2013–14 avg: 0.9 cpl
Source: ACCC calculations based on FUELtrac and Informed Sources data.
Chart 4.8 Seven-day rolling average petrol prices in Darwin and Northern Territory regional locations: 1 April 2014 to 31 March 2015
90
100
110
120
130
140
150
160
170
180
cpl
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
March avg: 9.6 cpl
December avg: 12.0 cpl
2013–14 avg: 4.6 cpl
NT regional locations Darwin
Source: ACCC calculations based on FUELtrac and Informed Sources data.
17 Quarterly report on the Australian petroleum industry—May 2015
5 International price movementsThe 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 Asia-Pacific 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 April 2014 to 31 March 2015
40
50
60
70
80
90
100
110
120
130
140
Brent crude oil Mogas 95
USD
per bl
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
Source: ACCC calculations based on Platts data.
Chart 5.1 shows that weekly average Brent crude oil prices were broadly stable in the June quarter 2014, peaking in June 2014 at around USD 115 per barrel. Subsequently prices decreased sharply to a low of around USD 47 per barrel in mid-January 2015—a decrease of USD 68 per barrel or 59 per cent.
The sharp decline in crude oil prices between June 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 increased to around USD 56 per barrel by the end of March 2015 (a 19 per cent increase). This increase in Brent crude oil prices was influenced by increasing political tensions in the Middle East and a reduction in the number of active US oil rigs. The oil rig count is a measure of drilling activity and is considered an indicator of market sentiment in the oil industry.
Weekly average Mogas 95 prices peaked in June 2014 at around USD 128 per barrel before steadily decreasing to around USD 55 per barrel by mid-January 2015—a decrease of USD 73 per barrel or 57 per cent. Subsequently prices increased by USD 19 per barrel (or around 35 per cent) to around USD 74 per barrel by the end of March 2015. Mogas 95 prices increased
18 Quarterly report on the Australian petroleum industry—May 2015
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.
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 expressed in US dollars.
Chart 5.2 Daily AUD–USD exchange rates: 1 April 2014 to 31 March 2015
cpl
0.75
0.77
0.79
0.81
0.83
0.85
0.87
0.89
0.91
0.93
0.95
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
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 April 2014 the AUD–USD exchange rate was around USD 0.93. It increased slightly to a peak of around USD 0.95 in early-July 2014 and 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 by the end of March 2015.
The average AUD–USD exchange rate in the March 2015 quarter was USD 0.79. This was USD 0.11 lower than the average in 2014 (USD 0.90), and USD 0.18 lower than the average in 2013 (USD 0.97).
In recent years Australian motorists have been protected from the impact of higher international petrol prices because of the high value of the Australian dollar. In the March quarter 2015, as the AUD–USD exchange decreased at the same time that international refined petrol prices were increasing, retail petrol prices increased in Australia by more than they would have if the AUD–USD had remained at a higher level.
19 Quarterly report on the Australian petroleum industry—May 2015
6 Diesel and LPG pricesRetail 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.
In the short term, retail diesel prices tend to be less responsive to movements in Gasoil 10ppm 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.
Chart 6.1 Seven-day rolling average retail diesel prices in the five largest cities and Gasoil 10 ppm prices: 1 April 2014 to 31 March 2015
cpl
cpl
Retail diesel price—five largest cities (LHS) Gasoil 10 ppm (lagged 11 days) (RHS)
Apr-14
May
-14
Jun-14
Jul-14
Aug
-14
Sep
-14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb
-15
Mar-15
85
95
105
115
125
135
145
155
165
30
40
50
60
70
80
90
100
110
Source: ACCC calculations based on FUELtrac, Informed Sources, Platts and RBA data.
Chart 6.1 shows that over the year to March 2015, retail diesel prices in the five largest cities broadly tracked Gasoil 10ppm prices:
• Gasoil 10 ppm prices in Australian cents per litre decreased from around 85 cpl in early-May 2014 to around 48 cpl in early-February 2015—a decrease of 37 cpl
– retail diesel prices decreased from around 159 cpl in early-April 2014 to a low of around 124 cpl in early-February 2015—a decrease of 35 cpl
• Gasoil 10 ppm prices then rebounded by 13 cpl to around 61 cpl in mid-March 2015
– retail diesel prices increased by 7 cpl to around 131 cpl by late-March 2015.
20 Quarterly report on the Australian petroleum industry—May 2015
6.2 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 6.2 Seven-day rolling average retail LPG prices in the five largest cities and monthly Saudi CP benchmarks: 1 April 2014 to 31 March 2015
cpl
20
30
40
50
60
70
80
90
100
Apr
-14
May
-14
Jun-14
Jul-1
4
Aug
-14
Sep-
14
Oct-14
Nov
-14
Dec
-14
Jan-15
Feb-
15
Mar-15
Retail LPG price—five largest cities (seven-day rolling average) Saudi Contract Price benchmarks (monthly)
Source: ACCC calculations based on FUELtrac, Informed Sources, RBA and Gas Energy Australia data.
Chart 6.2 shows that the Saudi CP benchmarks decreased from around 49 cpl in April 2014 to a low of around 30 cpl in January 2015—a decrease of 19 cpl. The main decreases were in November 2014 and January 2015. Prices rebounded slightly by around 4 cpl in February and March 2015.
Retail LPG prices decreased over the year from a high of around 87 cpl in April 2014 to a low of around 63 cpl in late-February 2015—a decrease of 24 cpl. Retail LPG prices then increased to around 67 cpl at the end of March 2015. Some of the decrease in retail prices in April and May 2014 was influenced by decreases in the Saudi CP in previous months.
In 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.
The ACCC has found that, over recent years, when international prices increase substantially retail LPG prices generally increase quickly. The increase is generally passed on within two to three weeks. However, when international prices decrease substantially retail prices decrease more slowly. An example of this is shown in chart 6.3.
21 Quarterly report on the Australian petroleum industry—May 2015
Chart 6.3 Seven-day rolling average retail LPG prices in the five largest cities and monthly Saudi CP benchmarks: 1 November 2013 to 31 May 2014
cpl
20
30
40
50
60
70
80
90
100Nov
-13
Dec
-13
Jan-14
Feb
-14
Mar-14
Apr-14
May
-14
Retail LPG price—five largest cities (seven-day rolling average) Saudi Contract Price benchmarks (monthly)
Source: ACCC calculations based on FUELtrac, Informed Sources, RBA and Gas Energy Australia data.
In December 2013 the Saudi CP benchmarks in Australian cents per litre increased by around 17 cpl. This increase was quickly reflected in retail LPG prices (which had increased by 16 cpl by mid-December).
In January 2014 the benchmarks decreased by 6.6 cpl but retail prices had only decreased by 1.4 cpl by the end of the month. In March 2014 the benchmarks decreased by 7.2 cpl but retail prices had only decreased by 3.8 cpl by the end of March.
Overall, the Saudi CP benchmarks decreased by 20 cpl between January and May 2014. Over this period, retail LPG prices decreased by only 15 cpl.
22 Quarterly report on the Australian petroleum industry—May 2015
Appendix A—Petrol prices in all monitored locationsThe ACCC monitors fuel prices in all capital cities and around 180 regional locations across Australia.
Monthly average retail petrol prices for December 2014 and March 2015 and the change between the two are shown in table A below.15 It also shows the differential between average prices in the five largest cities and in each regional location in 2013–14 and in March 2015.
Table A Monthly average petrol prices in December 2014 and March 2015 and the city-country differential in 2013–14 and March 2015—cents per litre
Location December2014
March2015
Change(Dec to Mar)
DifferentialMar 15
Differential2013–14
Sydney 120.7 130.8 10.1
Melbourne 121.1 128.4 7.3
Brisbane 129.4 134.9 5.5
Adelaide 121.0 128.0 7.0
Perth 126.7 129.5 2.8
Five largest cities 123.8 130.3 6.5
Hobart 141.8 135.5 –6.3 5.2 19.8
Canberra 143.1 133.2 –9.9 2.9 6.8
Darwin 148.6 133.9 –14.7 3.6 10.9
New South Wales
Albury 133.0 128.2 –4.8 –2.1 2.0
Armidale 143.1 133.2 –9.9 2.9 9.4
Ballina 140.0 130.5 –9.5 0.2
Batemans Bay 145.7 129.1 –16.6 –1.2
Bathurst 141.0 128.7 –12.3 –1.6 6.2
Bega 146.3 136.3 –10.0 6.0 9.8
Broken Hill 144.6 134.6 –10.0 4.3 7.9
Bulahdelah 145.4 136.7 –8.7 6.4 3.3
Casino 143.5 132.8 –10.7 2.5 2.8
Central Coast 136.5 133.1 –3.4 2.8 1.9
Coffs Harbour 144.0 133.4 –10.6 3.1 6.4
Cooma 143.6 136.6 –7.0 6.3 10.0
Cootamundra 140.5 131.8 –8.7 1.5 8.9
Cowra 143.6 127.7 –15.9 –2.6
Deniliquin 143.4 133.0 –10.4 2.7 8.3
Dubbo 138.6 127.8 –10.8 –2.5 5.8
Forbes 140.6 125.7 –14.9 –4.6 5.2
Forster 148.3 126.6 –21.7 –3.7 6.4
Gilgandra 140.8 130.7 –10.1 0.4 7.6
Glen Innes 135.0 128.0 –7.0 –2.3
Goulburn 134.9 128.5 –6.4 –1.8 4.8
15 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. Seven regional locations—Blackall, Boulder, Buronga, Coober Pedy, Koo Wee Rup, Lithgow and Mount Barker—were excluded on the basis that insufficient data was available for March 2015.
For December 2014 and March 2015 E10 rather than RULP prices are used in Sydney, Batemans Bay, Cowra, Gilgandra, Glen Innes, Gunnedah, Mittagong, Ulladulla, Wellington, Yass and Ipswich.
The source for all prices is ACCC calculations based on FUELtrac and Informed Sources data.
23 Quarterly report on the Australian petroleum industry—May 2015
Location December2014
March2015
Change(Dec to Mar)
DifferentialMar 15
Differential2013–14
Grafton 138.5 132.9 –5.6 2.6 4.0
Griffith 137.2 129.3 –7.9 –1.0 7.6
Gundagai 144.6 131.7 –12.9 1.4 3.2
Gunnedah 147.4 128.7 –18.7 –1.6 9.1
Hay 141.7 129.5 –12.2 –0.8 2.4
Inverell 141.1 131.1 –10.0 0.8 4.1
Jerilderie 145.2 132.8 –12.4 2.5 6.4
Kempsey 148.1 132.3 –15.8 2.0 5.3
Leeton 142.1 130.9 –11.2 0.6 5.8
Lismore 141.2 131.7 –9.5 1.4 2.8
Merimbula 145.3 132.9 –12.4 2.6 6.3
Mittagong 140.4 131.0 –9.4 0.7
Moama 142.8 128.7 –14.1 –1.6 1.6
Moree 141.6 136.2 –5.4 5.9 8.2
Moruya 136.9 133.7 –3.2 3.4 9.4
Moss Vale 137.6 133.7 –3.9 3.4 5.5
Mudgee 145.4 133.4 –12.0 3.1 9.1
Murwillumbah 139.0 135.5 –3.5 5.2 7.1
Muswellbrook 139.9 126.3 –13.6 –4.0 4.1
Narrabri 139.4 134.8 –4.6 4.5 9.8
Newcastle 132.6 130.7 –1.9 0.4 4.8
Nowra 134.6 133.0 –1.6 2.7
Nyngan 137.0 137.7 0.7 7.4
Orange 141.0 132.4 –8.6 2.1 2.6
Parkes 145.1 132.5 –12.6 2.2 7.2
Port Macquarie 148.8 133.8 –15.0 3.5 7.8
Queanbeyan 140.4 132.4 –8.0 2.1 5.7
Singleton 142.1 135.2 –6.9 4.9 6.0
Tamworth 149.1 130.6 –18.5 0.3 7.1
Taree 143.0 132.7 –10.3 2.4 7.3
Temora 135.2 131.3 –3.9 1.0 6.8
Tumut 145.5 133.5 –12.0 3.2 13.4
Tweed Heads South 134.1 133.9 –0.2 3.6 1.5
Ulladulla 138.2 126.9 –11.3 –3.4
Wagga Wagga 143.5 133.4 –10.1 3.1 7.8
Wauchope 142.8 134.1 –8.7 3.8 7.5
Wellington 141.6 129.6 –12.0 –0.7 5.1
West Wyalong 137.1 133.2 –3.9 2.9 7.7
Wollongong 125.8 129.7 3.9 –0.6 4.2
Woolgoolga 149.7 135.7 –14.0 5.4 5.8
Yass 135.8 132.2 –3.6 1.9 6.4
Northern Territory
Alice Springs 168.0 138.9 –29.1 8.6 27.8
24 Quarterly report on the Australian petroleum industry—May 2015
Location December2014
March2015
Change(Dec to Mar)
DifferentialMar 15
Differential2013–14
Katherine 148.2 133.8 –14.4 3.5 13.6
Tennant Creek 159.6 31.7
Queensland
Atherton 147.0 132.9 –14.1 2.6 7.5
Ayr 133.0 133.3 0.3 3.0 8.5
Biloela 140.0 133.3 –6.7 3.0 8.3
Blackwater 150.6 133.1 –17.5 2.8 6.4
Bowen 144.9 133.6 –11.3 3.3 8.4
Bundaberg 138.2 132.7 –5.5 2.4 5.2
Cairns 146.7 134.4 –12.3 4.1 8.2
Charters Towers 145.2 134.0 –11.2 3.7 7.0
Childers 137.3 132.9 –4.4 2.6 5.5
Dalby 145.0 133.0 –12.0 2.7 8.2
Emerald 149.6 132.9 –16.7 2.6 5.8
Gladstone 146.0 133.5 –12.5 3.2 7.3
Gold Coast 129.0 136.1 7.1 5.8 2.3
Goondiwindi 143.2 132.0 –11.2 1.7 6.6
Gympie 129.1 128.8 –0.3 –1.5 3.1
Hervey Bay 136.4 132.7 –3.7 2.4 3.8
Ingham 146.4 132.6 –13.8 2.3 6.6
Innisfail 146.6 133.2 –13.4 2.9 8.3
Ipswich 125.0 134.6 9.6 4.3 2.2
Kingaroy 142.0 133.4 –8.6 3.1 5.7
Longreach 157.6 138.5 –19.1 8.2 15.9
Mackay 137.0 127.3 –9.7 –3.0 4.8
Mareeba 147.9 134.5 –13.4 4.2 6.7
Maryborough 134.5 130.4 –4.1 0.1 3.8
Miles 142.5 137.8 –4.7 7.5 11.1
Moranbah 144.1 135.5 –8.6 5.2 12.5
Mt Isa 151.7 140.3 –11.4 10.0 10.6
Rockhampton 146.5 134.7 –11.8 4.4 7.5
Roma 155.0 133.3 –21.7 3.0 6.3
Sunshine Coast 132.1 131.3 –0.8 1.0 1.5
Toowoomba 144.9 131.5 –13.4 1.2 1.4
Townsville 144.0 132.9 –11.1 2.6 4.3
Tully 146.3 133.7 –12.6 3.4 8.3
Warwick 139.1 132.5 –6.6 2.2 0.4
Whitsunday 133.2 123.2 –10.0 –7.1 2.9
Yeppoon 147.9 133.5 –14.4 3.2 6.0
South Australia
Bordertown 139.6 131.0 –8.6 0.7 5.6
Ceduna 139.0 134.9 –4.1 4.6 12.2
Clare 130.7 129.5 –1.2 –0.8 2.0
Gawler 124.8 130.5 5.7 0.2 0.6
Kadina 131.5 130.1 –1.4 –0.2 2.9
25 Quarterly report on the Australian petroleum industry—May 2015
Location December2014
March2015
Change(Dec to Mar)
DifferentialMar 15
Differential2013–14
Keith 135.0 133.4 –1.6 3.1 3.8
Loxton 131.0 128.2 –2.8 –2.1 3.2
Mt Gambier 136.6 130.1 –6.5 –0.2 3.2
Murray Bridge 134.4 127.7 –6.7 –2.6 2.1
Naracoorte 135.6 129.3 –6.3 –1.0 3.1
Port Augusta 136.2 127.8 –8.4 –2.5 3.3
Port Lincoln 139.5 130.4 –9.1 0.1 8.4
Port Pirie 131.5 127.8 –3.7 –2.5 2.0
Renmark 131.7 129.8 –1.9 –0.5 2.0
Tailem Bend 132.7 129.3 –3.4 –1.0 3.1
Victor Harbour 131.1 129.6 –1.5 –0.7 2.5
Whyalla 136.4 119.2 –17.2 –11.1 5.0
Tasmania
Burnie 146.1 134.5 –11.6 4.2 11.3
Devonport 145.9 133.9 –12.0 3.6 11.4
Huonville 146.0 134.4 –11.6 4.1 11.3
Launceston 145.9 137.2 –8.7 6.9 12.0
New Norfolk 151.5 135.0 –16.5 4.7 12.7
Queenstown 146.4 139.3 –7.1 9.0 13.4
Smithton 142.8 140.1 –2.7 9.8 11.7
Sorell 143.4 133.9 –9.5 3.6 9.8
Ulverstone 145.8 134.4 –11.4 4.1 11.3
Wynyard 146.4 135.2 –11.2 4.9 13.7
Victoria
Ararat 135.9 123.7 –12.2 –6.6 0.9
Bairnsdale 131.4 124.2 –7.2 –6.1 –2.3
Ballarat 136.2 118.4 –17.8 –11.9 –0.2
Benalla 143.8 130.1 –13.7 –0.2 5.6
Bendigo 133.7 117.5 –16.2 –12.8 –1.9
Cobram 136.7 128.4 –8.3 –1.9 4.2
Colac 141.9 132.6 –9.3 2.3 5.2
Corryong 142.2 135.7 –6.5 5.4 8.8
Echuca 143.3 128.8 –14.5 –1.5 2.3
Euroa 132.7 130.1 –2.6 –0.2 5.0
Geelong 121.1 127.6 6.5 –2.7 –2.2
Hamilton 142.7 132.8 –9.9 2.5 4.7
Horsham 144.6 133.1 –11.5 2.8 5.0
Kyabram 138.6 126.2 –12.4 –4.1 5.2
Lakes Entrance 146.8 132.8 –14.0 2.5 2.4
Leongatha 135.1 132.8 –2.3 2.5 6.0
Mildura 137.0 131.3 –5.7 1.0 4.9
Moe 139.6 131.3 –8.3 1.0 1.2
Morwell 140.7 131.2 –9.5 0.9 3.3
Portland 136.8 124.3 –12.5 –6.0 1.6
Sale 138.1 123.9 –14.2 –6.4 3.8
26 Quarterly report on the Australian petroleum industry—May 2015
Location December2014
March2015
Change(Dec to Mar)
DifferentialMar 15
Differential2013–14
Seymour 125.7 129.2 3.5 –1.1 –0.1
Shepparton 137.8 123.6 –14.2 –6.7 4.6
Swan Hill 142.2 133.4 –8.8 3.1 5.7
Traralgon 135.4 130.1 –5.3 –0.2 3.1
Wallan 121.9 128.0 6.1 –2.3 –0.8
Wangaratta 135.3 128.3 –7.0 –2.0 6.2
Warrnambool 135.0 128.6 –6.4 –1.7 0.3
Wodonga 132.3 128.7 –3.6 –1.6 2.5
Yarrawonga 144.5 131.0 –13.5 0.7 2.6
Western Australia
Albany 140.7 130.4 –10.3 0.1 6.6
Bridgetown 144.6 137.7 –6.9 7.4 11.0
Broome 145.6 141.1 –4.5 10.8 26.3
Bunbury 138.3 128.6 –9.7 –1.7 1.3
Busselton 137.1 128.7 –8.4 –1.6 4.4
Carnarvon 158.8 148.8 –10.0 18.5 21.6
Collie 143.5 135.1 –8.4 4.8 5.9
Dongara 153.0 141.8 –11.2 11.5 16.8
Esperance 151.4 134.1 –17.3 3.8 11.8
Geraldton 147.3 131.9 –15.4 1.6 8.0
Kalgoorlie 149.3 127.9 –21.4 –2.4 6.7
Karratha 160.9 142.9 –18.0 12.6 17.4
Manjimup 144.1 132.2 –11.9 1.9 10.3
Port Hedland 161.1 142.1 –19.0 11.8 16.3
Waroona 133.8 136.0 2.2 5.7 8.6