MILDURA’S petrol prices have plummeted to under $1 a litre at some retailers, for the first time in years.
In Sunraysia and across the country, the price of unleaded has steadily declined across the past two months, as global oil prices experience a historic low partly in response to the coronavirus pandemic.
The city recorded an average of $1.42 in late February, before hitting $1.32 a month later and dropping to $1.11 on Friday, according to motormouth.com.au.
On Monday the average price of unleaded sat at $1.10 in Mildura, with the lowest price of 93.9c recorded at a Deakin Avenue service station.
While the price of unleaded is a welcome relief for many, capital cities continue to record even cheaper prices than regional areas.
Motorists in Melbourne were paying an average 93c on Monday, with some retailers offering up unleaded for 79c to $1.09, as displayed on PetrolSpy Australia.
In Adelaide it was much the same, with the city recording an average 85c for unleaded, with one retailer on Port Road at Woodville selling for just 74c, while just up the road at Thebarton, it was a stark contrast at $1.29.
Late last week Australian Competition and Consumer Commission chair Rod Sims warned petrol retailers against using the pandemic to further increase profits but instead pass on the full benefit of falling oil prices to motorists.
“The drop in the crude oil price is good news for the Australian motorists,” Mr Sims said.
“At this time the Australian economy needs all the assistance it can get, and lower world crude oil prices are one of the few positives from current world events.
“In the larger Australian capital cities, petrol retailers took too long to pass on the savings from the rapid drop in international oil prices, and this did not reflect well on them.”
He said fuel prices were generally higher in regional locations such as Mildura due to factors such as the lower population and demand.
Mr Sims said price changes could lag up to six weeks behind larger capital cities.
“We have previously found that the lack of vigorous and effective competition in some regional locations was a major reason for higher prices in those locations.
“Where there is competition, you tend to see lower prices.”
