Trevor Veale

Average petrol price for 2014 at near record high

AUSTRALIANS paid near-record prices for unleaded petrol last financial year, a monitoring report has confirmed, with average prices exceeding $1.50 a litre.

The Australian Competition and Consumer Commission's latest petrol price monitoring report showed consumers paid the third highest average price on record in 2013-14.

It confirmed what many drivers have experienced at the bowser, showing prices were driven largely by international oil prices and the exchange rate.

But while drivers paid more, retail profits actually fell during 2013-14, likely due to the regulator's action on supermarket discount fuel offers.

The average price for a litre of unleaded petrol in capital cities over the year was 150.6c, up 9.3 cents a litre on prices in 2012-13.

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