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The Canberra Times
The Canberra Times
National
Lanie Tindale

Petrol prices plateau as Canberrans still pay more at the pump

Sally Wood filling up her car. Picture: Sitthixay Ditthavong

The price for fuel in the national capital has fallen slightly in the lead-up to Christmas, but Canberrans still pay more than most Australians.

An average fill last week in Canberra was less than one cent cheaper per litre than the one before, according to data analysis from Finder.

In the week ending December 12, drivers would have paid 170 cents per litre on average at the bowser, while they spent 170.7 cents per litre the week before.

The national average price for the week ending December 5 was 167.9 cents per litre, a 2.5 per cent reduction from the previous week.

This is 17 per cent greater than the average of the past 12 months, which is 143.4 cents per litre.

While Canberrans can complain about expensive petrol, spare a thought for Tasmanians who fork out 177.2 cents per litre when they fill up the car.

The average price across NSW and the ACT went up 6.5 per cent in early December, while it dropped by 12.6 per cent in South Australia.

When the COVID-19 pandemic hit, the Organisation of the Petroleum Exporting Countries - a cartel of 13 countries including Russia, Saudi Arabia, Iran, Iraq and Indonesia - tightened supply of crude oil, the main ingredient of petrol.

In early October, the group agreed to increase production of oil by 400,000 barrels a day. Experts say this isn't enough to make fuel cheaper, and it doesn't look like things will change anytime soon.

OPEC+ says they are concerned further COVID-19 restrictions will be imposed and once again impact demand for oil.

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