The 2008-09 financial year was the most volatile for Australian petrol prices, the Australian Competition and Consumer Commission (ACCC) reports.
The competition watchdog says Australian petrol prices have been much more stable in 2009 than the wild swings last year, but overall the 2008-09 financial year was the most volatile on record, with prices hitting highs of over $1.60 per litre in July 2008 before dropping to around $1.00 a litre in late 2008.
The report also found that the average price of petrol had remained fairly stable around the $1.20 a litre level.
ACCC commissioner Joe Dimasi said Australian consumers can thank rises in the Australian dollar – in conjunction with oil prices – for the stability in fuel prices.
“If the Australian dollar was still at the same level as it was in March this year, we would be paying about another 28 cents a litre in the price of our petrol, so we would be looking at prices closer to $1.50 [a litre].”