Australian oil prices have soared by more than 20c year-on-year, with fluctuations of up to 10c a week – Australian News – Sydney
2014-01-25 10:14:50 Source: Original Website of News Australia Alisonedit
The oil price cycle circulates every seven days, and the rule that Tuesday's price must be the lowest is no longer there. Due to the intervention of retail giants Coles and Woolworths, the intensified global fuel price volatility and the fall in Australian dollars, the oil price cycle has now been extended to about 20 days.
An analysis of the current and one-year-old oil price cycle shows that gasoline prices have not only risen sharply in the past twelve months, but also fluctuated sharply within a week.
Last week, Brisbane's oil price rose by 9.3c per liter compared with the same period last year, and this week, the local oil price rose by 22c compared with the same period last year.
Last week, Melbourne oil prices were 4.4c/liter higher than the same period last year, but this week they were 19.5c/liter higher than the same period last year.
The strange thing is that in Perth, the oil price cycle that circulates every seven days still exists, where gas on Tuesday and Wednesday will be cheaper. Perth's oil price last week was 11.7c higher than a year ago, and this week's oil price was 12c higher than a year ago.
The main reason for the sharp increase in gasoline prices compared to a year ago was the decline in the exchange rate of the Australian dollar against the US dollar during this period and the rise in international oil prices. Another factor is the change in the ownership of gas stations. More and more gas stations are included in retail giants such as Coles (Shell), Woolworths (Caltex) and 7-Eleven (Mobil).
According to Grant Waldeck, a retail analyst at Compare the Market.com.au, this has changed retail behavior.
"The rise of coupons—which can bring you 4c per liter or the like—bundles gas and what you buy in the supermarket, so in some respects, the increase in oil prices Because of the overall increase in food prices. Going out to refuel now often means going back to the supermarket to buy some bread and milk."
Waldeck said: "If drivers do their homework and compare the oil price cycle, they can still find a more cost-effective price."
Michael Case of the Royal Automobile Club of Victoria said that in 2011, the seven-day cycle of oil prices practically ceased to exist at the end of 2011. In Victoria, the oil price cycle last year ranged from 9 to 28 days, with an average of 17 days.
"The only advice we can give people is to learn more about the law of the oil price cycle, because prices always tend to rise quickly and then slowly fall."
A study by the Australian automotive group found that last year’s highest oil price occurred in the small town of Carnarvon in Western Australia, with local oil reaching 173.6c per liter in the third quarter; followed by Cloncurry, a small town in Queensland, with an average oil price of 173.5c per liter in the third quarter, followed by South Australia. Coober Pedy, 173c per liter.
(Australia News Network)