It's now cheaper to fill up than it was in 1999! Petrol prices plummet in the wake of the coronavirus crisis and are now the cheapest they've been in 21 years
- The cheapest price in Sydney was recorded at Lurnea, in the west, at 92.9 cents
- The consumer watchdog revealed outlets are still making record high profits
- ACCC also said the COVID-19 pandemic decreased demand for petrol
Petrol prices have plunged to the lowest in 21 years and are now just 92.9 cents per litre in some areas.
The average cost of fuel in Australia fell to 109.0 cents in June, representing a drop of 28.9 cents from March.
In Sydney on Wednesday, the cheapest prices were recorded at Lurnea (92.9 cents), West Ryde (95.9 cents) and Randwick (99.9 cents), 9 News reported.
The average cost of fuel in Australia fell to 109.0 cents in June, representing a drop of 28.9 cents from March (stock picture of petrol pumps in Australia)
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While the cost of petrol in 1999 hit the 70-cent mark, it was technically more expensive than the current 90-cent mark due to lower wages and the cost of living.
Taking inflation into account, it is now cheaper to fill up than it was two decades ago.
Despite the record lows, a report by the Australian Competition and Consumer Commission (ACCC) revealed that outlets across the country are making record high profits of about 14.7 cents per litre - two cents more than last year.
The report also said Brisbane retailers are making the highest profits in the country at 16.8 cents, and Perth retails are making the lowest at 12.3 cents.
'Many Australian motorists benefited from lower petrol prices over the first half of this year, but we have some concerns about the higher gross margins that petrol retailers seem to be holding on to,' ACCC Chair Rod Sims said.
'Owning and operating a car is a major expense at the best of times, let along during the current economic crisis, and Australian drivers want to see lower global oil prices passed on to them in a timely manner.'
The report also said the COVID-19 pandemic decreased demand for petrol.
Sales volumes were 27 per cent lower in June 2020 compared with the same period last year.
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