Australian motorists are facing a staggering spike at the bowser this week as diesel prices outpace petrol, surging by nearly 30 cents per litre across the nation’s major metropolitan hubs.
According to the latest update from the ACCC, the daily average retail price for diesel in Australia’s five largest cities hit 303.5 cpl on March 25, marking a sharp 10% increase in just seven days.
While petrol prices also climbed, the jump was notably less severe.
Regular unleaded rose by 18.1 cpl to average 252.2 cpl, highlighting a growing disparity driven by international benchmarks.
The Singapore Gasoil 10 ppm—the key benchmark for diesel—soared by approximately 17%, while refined petrol rose by a more modest 9%.
Regional areas felt the pinch even more acutely, with monitored locations averaging 307.6 cpl.
ACCC Deputy Chair Mick Keogh expressed serious concern over the volatile period, noting that supply issues are now impacting everything from capital city suburbs to remote towns.
In response, the regulator has granted urgent interim authorisation to the Australian Institute of Petroleum to coordinate and manage supply chain disruptions.
"We are watching the market very closely," Keogh stated, adding that any potential breaches of competition law would be prioritised.
As Canberra recorded the nation's highest diesel prices at 306.0 cpl, the ACCC continues to assess a flood of reports from concerned consumers navigating this unprecedented price hike.