The average monthly prices in March–June 2018 for Cootamundra rose 14.5 cents per litre: 137.3 to 151.8. It rose 0.7 cpl in 2017–18.

The report states that a number of factors influenced higher prices, including lower level of local competition, lower volumes of fuel sold and location factors.

“The major factors driving higher prices were an increase in international crude oil and refined petrol prices, and a lower AUD-USD exchange rate,” ACCC Chair Rod Sims said.

“The OPEC cartel in particular continues to have a damaging effect on Australian petrol prices.

“In late-2016 OPEC, and some other crude oil producing countries, agreed to cut production.

“This restricted supply into the market, which has clearly started to bite through steadily increasing petrol prices in the past financial year.”

The average differential between prices in the regional locations that the ACCC monitors and the five largest cities fell by 1.0 cpl in 2017–18 compared with 2016–17.

However, motorists in these regional locations were still paying an average of 4.4 cpl more for their petrol in 2017–18.

Mr Sims said a weaker Australian dollar has also increased costs for wholesalers buying petrol for the Australian market, which flows through to consumers who pay for this at the pump.

Similarly, head of NRMA media Peter Khoury said global factors in supply had not “eased off”.

“Unfortunately, what we’ve seen is tension in the Middle East affecting prices, which remain high,” Mr Khoury said.

Increase in regional prices aligns with the report’s finding that petrol prices in Australia’s largest cities have hit a four-year high.

In 2017–18, the average petrol prices in those cities increased by nearly 10 per cent compared with the previous year.

Motorists can use free fuel price apps and websites to shop around for the lowest prices on petrol. “Cost of living pressures are high and petrol is a major purchase,” Mr sims said.

“Motorists can manage this cost by using fuel price apps and websites to reward retailers offering the lowest price.

“If retailers know that price is the number one consideration for consumers when choosing where to buy their petrol, it gives them a very clear incentive to be as competitive as possible with their pricing.”

Motorists may also avoid buying petrol at the peaks of the price cycle.

Report on the Australian petroleum market: June quarter 2018