Global oil prices have plunged. So when will Australian motorists see cheaper petrol?

Petrol prices have dropped significantly due to falling oil costs, but motorists in Australia are yet to see much relief at the pump despite months of depressed crude prices. Retailers expect average petrol prices to fall into the 160c range in major cities like Sydney, Melbourne, and Brisbane, excluding Hobart, Canberra, and Darwin. However, this decline will likely be temporary, as historical data shows that wholesale costs were lower than retail prices by about 20c per litre before the invasion of Ukraine, suggesting some disconnect between the two pricing models.