Australian planned petrol deliveries fall for second week
Sydney (8 June)
Refiners have cut their planned Australian petrol deliveries for the second consecutive week, but have increased their planned diesel and jet fuel deliveries, because of ongoing maritime disruptions.
Ships carrying 1.8 billion litres of diesel, 512 million litres of petrol, and 469 million litres of jet fuel will arrive in Australia over the next month, Energy Minister Chris Bowen told reporters on 6 June.
Planned petrol deliveries are down from 591 million litres a week ago. But planned diesel and jet fuel deliveries are up from 1.6 billion litres and 394 million litres, respectively.
Refiners have increased their planned Australian jet fuel deliveries in recent weeks because Australia secured around 100 million litres of June-dated jet fuel cargoes from China on 19 May.
“[Australia’s] fuel [supply] is secure through June and July, and now well into August as well,” Bowen said. “[The country] currently has 43 days’ worth of petrol, 36 days’ worth of diesel, and 30 days’ worth of jet fuel,” Bowen added.
Retail petrol prices in Melbourne and Brisbane averaged A$1.76/litre on 3 June, down from A$0.005/litre and A$0.13/litre on 20 February, respectively, despite the drop in planned petrol deliveries, data from the Australian Competition & Consumer Commission (ACCC) show.
Average weekly petrol prices in Sydney, Adelaide, and Perth increased by A$0.08/litre, A$0.05/litre, and A$0.11/litre between 20 February and 3 June, ACCC data show.
Brent crude futures prices – which impact retail fuel costs – have declined since mid-May. They traded at $94.65/barrel on 9 June, down from $112.10/barrel on 18 May, data from Trading Economics show.
By Avinash Govind