Even better for Australians, Singapore’s MOGAS95 (the benchmark which controls our petrol price) is settling back in line with other benchmarks like the Tapis (Malaysian) and Brent (North Sea).
For example, over the past 12 weeks the Tapis has averaged 113.1¢/litre and the Brent 103.6¢/litre — but the MOGAS95 averaged a much higher 130.2¢/litre.
But in last week’s snapshot the MOGAS95 was only 0.7¢ more expensive than the Tapas and 16.4¢ more than the Brent.
While the lowering price should filter down to the bowser, don’t expect prices to return to what they were before the Russian invasion of Ukraine.
Diesel prices are not included in the Tapis, Brent and MOGAS95.
Rochester grain and hay grower Tim Wilson said as a farmer the diesel price concerned him more than petrol prices.
“Diesel is the bigger problem,” Mr Wilson said.
“Fuel is adding a huge cost onto the price of production right now.”
Australia’s diesel prices are controlled by Singapore’s Gasoil 10ppm sulfur benchmark.
On July 14, the Gasoil 10ppm sulfur price was $211 a barrel — lower than at any time in June.
Kyabram dairy farmer Andrew Murphy said fuel wasn’t such a large issue for him, since his farm used a small amount.
“We buy from Coles, and we also sell our milk to Coles, so it evens out,” Mr Murphy said.
Rochester sheep and crop farmer Andrew James said the ongoing price of fuel hadn’t influenced his decision making.
“Fertiliser is the big cost at the moment, energy costs in general are also another concern, but it’s just another cost we’re absorbing,” Mr James said.
On Friday, July 15, the average price for Unleaded 91 in Shepparton was $2.02/litre, in Echuca it was $2.06 and in Wangaratta $2.23.
The average diesel price was sitting on $2.30/litre in Shepparton, $2.36 in Echuca and $2.37 in Wangaratta.
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