Impact of COVID-19 on petrol prices in Australia [PDF: 1.64 MB]
Impact of COVID-19 on petrol prices in Australia
Australian retail petrol prices are primarily determined by international world oil prices and overseas refined petroleum prices, and variations in exchange rates. As a result of COVID-19 restrictions imposed around the wold, demand for crude oil and refined petroleum products decreased significantly from mid-March 2020 onwards, and led to sharp decreases in crude oil and refined product prices.
The analysis presented in this paper outlines the principal components of Australian retail petrol prices, the impact of COVID-19 on weekly petrol prices and also the typically observed time lag between international refined petroleum product prices and domestic retail petrol prices.