Record international prices for crude oil and refined petrol were due to increased demand, production cuts by Russia and the OPEC cartel, and war in Ukraine.
The report shows that June quarter average retail petrol prices in the five largest capital cities were 188.0 cents per litre (cpl), up by 6.1 cpl from the March quarter. This was the sixth consecutive quarter in which prices increased. In real terms, prices in the June quarter were the highest since the September quarter in 2008 (when average prices in 2021-22 dollars were 206.9 cpl).
Retail prices then fell by about 35 cpl in July…
