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Terminal Gate Prices (wholesale)
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WEEKLY PETROL PRICES REPORTWeek Ending 3 August 2008All data, charts and tables in this Report are based on the latest available market data to Use the following links to see more detailed information on:
Should you have any questions about the material in this report, please contact AIP at petrolprices@aip.com.au. This report has been prepared by ORIMA Research Pty Ltd on behalf of AIP. Whilst AIP has taken due care in ensuring the accuracy of the information or material in this report, the report is made available for general use only and is provided without any express or implied warranty as to its accuracy, completeness or currency.
THE AUSTRALIAN FUEL MARKET - AN OVERALL SNAPSHOTUnderstanding Movements in Key Petrol Price Indicators
The Chart below provides an overall ‘snapshot’ of movements in key market indicators relevant to the price of petrol at the pump in Australia.
The Australian refining sector is a price taker. Domestic prices are closely linked to relevant international prices. The Singapore benchmark price of petrol (MOPS95 Petrol) is the key price benchmark for petrol in Australia. As the chart below shows, MOPS95 Petrol plus shipping costs and Australian taxes represents almost the entire wholesale price of petrol (around 95%).
NOTES
(1) MOPS95 Petrol: the international petrol prices are provided by Platts (Copyright © 2008 The McGraw-Hill Companies, all rights reserved), and represent the end of day assessment for the mean of Singapore prices for 95 Octane Petrol (MOPS95 Petrol). No portion of the publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed, without prior written Authorisation from Platts. Platts is a trademark of the McGraw-Hill Inc. Information has been obtained from sources believed reliable. However, because of the possibility of human or mechanical errors by sources, McGraw-Hill or others, McGraw-Hill does not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use of such information. (2) SHIPPING: is the weighted average of daily market shipping rates (Australian cents per litre) for journeys from Singapore to major Australian ports (weighted by the volume of fuel sales in the relevant State). Source data include Platts, Worldscale, Australian Petroleum Statistics and the Reserve Bank of Australia. (3) TAXES: is excise and GST less any relevant state rebates weighted by the volume of petrol consumed in each State. (4) NATIONAL AVERAGE PRICES: are derived from capital city prices weighted by fuel volume consumed in each State. INTERNATIONAL MARKET TRENDSFIGURE 1: COMPARISON OF SINGAPORE PETROL PRICE (MOPS95 PETROL) WITH CRUDE OIL PRICE (TAPIS) NOTE: Australia is part of the Asia Pacific fuel market (Singapore is the regional refining/distribution centre) and the relevant market benchmark is Tapis for crude oil and Singapore petrol prices for unleaded petrol (MOPS95 Petrol). Tapis crude oil and MOPS95 Petrol prices are provided by Platts (McGraw-Hill Inc), see Notes on page 2.
FIGURE 2: DIFFERENCE BETWEEN MARKET PRICES NOTE: The refiner margin above is the difference between market prices for MOPS95 Petrol and Tapis. It is not a figure determined by refiners.
PLEASE NOTE
Differences/margins between market prices or benchmarks are used as indicators of general trends in the petroleum market, they do not represent profits accruing to oil companies at the refining, wholesale or retail segments of the market. For each market segment, a range of costs would need to be deducted to determine actual profits. AUSTRALIAN WHOLESALE MARKET TRENDSFIGURE 3: COMPARISON OF AUSTRALIAN TGP ULP (OR ‘WHOLESALE PRICE’) NOTE: MOPS95 Petrol prices and Shipping rates are provided by Platts (McGraw-Hill Inc), see Notes on page 2.
FIGURE 4: DIFFERENCE BETWEEN MARKET PRICES
PLEASE NOTE
Differences/margins between market prices or benchmarks are used as indicators of general trends in the petroleum market, they do not represent profits accruing to oil companies at the refining, wholesale or retail segments of the market. For each market segment, a range of costs would need to be deducted to determine actual profits. For example, at the wholesale level, a range of costs (including ‘landed costs’ and ‘wholesaling costs’) would need to be deducted to determine actual profits at the wholesale level. These ‘landed costs’ include the costs of the quality premium (market cost) for Australian fuel standards, insurance and loss, and local wharfage costs. The standard ‘wholesaling costs’ include terminal operating costs, administration and wholesale marketing costs and corporate taxes and government charges on wholesaling activities. AVERAGE TERMINAL GATE PRICES (TGPs) ACROSS
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| Monday 28 July 2008 |
Tuesday 29 July 2008 |
Wednesday 30 July 2008 |
Thursday 31 July 2008 |
Friday 1 August 2008 |
|
|---|---|---|---|---|---|
| Sydney | 146.7 | 144.9 | 144.1 | 144.0 | 143.1 |
| Melbourne | 146.1 | 144.3 | 143.5 | 143.4 | 142.5 |
| Brisbane | 146.6 | 144.8 | 144.0 | 143.9 | 142.9 |
| Adelaide | 147.0 | 145.2 | 144.4 | 144.3 | 143.4 |
| Perth | 147.8 | 145.7 | 145.0 | 145.0 | 143.7 |
| Darwin | 150.5 | 148.8 | 148.0 | 147.9 | 146.9 |
| Hobart | 149.4 | 147.7 | 146.9 | 146.8 | 145.9 |
DIESEL (cents per litre $A)
| Monday 28 July 2008 |
Tuesday 29 July 2008 |
Wednesday 30 July 2008 |
Thursday 31 July 2008 |
Friday 1 August 2008 |
|
|---|---|---|---|---|---|
| Sydney | 170.2 | 168.3 | 167.4 | 167.2 | 165.9 |
| Melbourne | 169.5 | 167.5 | 166.6 | 166.4 | 165.1 |
| Brisbane | 169.9 | 168.0 | 167.1 | 166.9 | 165.6 |
| Adelaide | 170.0 | 168.1 | 167.2 | 167.0 | 165.7 |
| Perth | 170.6 | 168.3 | 167.5 | 167.5 | 165.8 |
| Darwin | 173.8 | 171.9 | 171.0 | 170.8 | 169.5 |
| Hobart | 173.4 | 171.5 | 170.6 | 170.4 | 169.1 |
Generally, there is a short time lag of 1-2 weeks between changes in Singapore prices and changes in Australian prices.
The very close relationship between changes in MOPS95 Petrol and changes in Australian TGPs can be seen by applying a rolling average to the MOPS95 Petrol data (a 7 day rolling average is used in the Chart shown above to illustrate this).
FIGURE 5: COMPARISON OF AUSTRALIAN PUMP PRICE WITH AUSTRALIAN TGP
Average Retail Price versus Average Wholesale Price
FIGURE 6: DIFFERENCE BETWEEN MARKET PRICES
Australian Average Retail Price minus Average Wholesale Price
| Wholesale: TGP ULP (National Average) | Cents per litre (A$) |
Retail: Pump Price ULP (National Average) | Cents per litre (A$) |
|
|---|---|---|---|---|
| Average: Last Week (to Friday 01/08/08) | 144.6 | Average: Last Week (to Sunday 03/08/08) | 153.5 | |
| Average: Previous Week (to Friday 25/07/08) | 151.7 | Average: Previous Week (to Sun 27/07/08) | 159.5 | |
| Average: Last 4 Weeks | 153.0 | Average: Last 4 Weeks | 159.9 | |
| Average: Last 12 Weeks | 152.3 | Average: Last 12 Weeks | 157.7 | |
| Average: Last 12 Months | 134.2 | Average: Last 12 Months | 139.5 | |
'NATIONAL AND STATE' AVERAGE PRICES (cents per litre $A)
| Weekly Average | Weekly Change | Low | High | |
|---|---|---|---|---|
| National Average | 153.5 | -6.1 | 151.0 | 155.4 |
| NSW / ACT | 154.2 | -6.7 | 151.4 | 156.5 |
| Victoria | 154.5 | -6.3 | 152.0 | 156.9 |
| Queensland | 148.9 | -5.5 | 146.5 | 151.1 |
| South Australia | 153.3 | -6.2 | 150.3 | 157.1 |
| Western Australia | 153.8 | -5.3 | 151.4 | 156.8 |
| Northern Territory | 170.2 | -5.2 | 166.9 | 174.7 |
| Tasmania | 162.9 | -4.6 | 159.3 | 165.3 |
'METROPOLITAN' AVERAGE PRICES (cents per litre $A)
| Weekly Average | Weekly Change | Low | High | |
|---|---|---|---|---|
| National Metro Average | 151.2 | -6.7 | 148.7 | 153.9 |
| Sydney | 151.4 | -7.2 | 148.4 | 154.8 |
| Canberra | 158.2 | -7.4 | 154.2 | 164.3 |
| Melbourne | 153.3 | -6.5 | 150.1 | 156.7 |
| Brisbane | 144.7 | -6.9 | 142.3 | 146.8 |
| Adelaide | 151.4 | -6.4 | 147.7 | 156.5 |
| Perth | 149.5 | -5.7 | 147.1 | 152.8 |
| Darwin | 168.7 | -6.1 | 165.4 | 174.3 |
| Hobart | 161.5 | -5.0 | 159.3 | 163.4 |
'REGIONAL' AVERAGE PRICES (cents per litre $A)
| Weekly Average | Weekly Change | Low | High | |
|---|---|---|---|---|
| National Regional Average | 157.9 | -4.9 | 155.5 | 160.6 |
| NSW / ACT | 159.3 | -5.6 | 156.9 | 162.2 |
| Victoria | 157.7 | -5.5 | 155.7 | 160.5 |
| Queensland | 152.9 | -4.1 | 150.5 | 155.4 |
| South Australia | 158.5 | -5.6 | 156.8 | 161.5 |
| Western Australia | 168.6 | -3.6 | 166.0 | 171.1 |
| Northern Territory | 173.7 | -2.9 | 166.7 | 177.7 |
| Tasmania | 164.1 | -4.3 | 159.3 | 167.5 |
The Charts show Australia has among the lowest petrol and diesel prices of all OECD countries.
Petrol Prices and Taxes in OECD Countries | Diesel Prices and Taxes in OECD Countries |
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| Source: Australian Petroleum Statistics, Department of Industry, Tourism and Resources | |
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