Approximately 769.5 megaliters of fuel oil were sold in Australia in the financial year 2022.
Forecasts show the consumption volume of fuel in Australia in 2020 to be around 51 billion liters. In 2019, the consumption volume was higher with a value around 56.29 billion liters.
Energy consumption fell 4% in 2020-21 to reach 5,790 PJ. This compares with average falls of 0.2% a year over the past 10 years. Fossil fuels (coal, oil and gas) accounted for 92% of Australia's primary energy mix in 2020-21.
The latest value from 2021 is 273.61 thousand barrels per day. For comparison, the world average in 2021 based on 45 countries is 304.86 thousand barrels per day. See the global rankings for that indicator or use the country comparator to compare trends over time.
Australia relies on imports - about 90 per cent - for the majority of its petrol supply. We do produce some crude oil domestically - about 350 barrels per day - however, the majority of this is exported. Most of our imported petrol comes from Asia, with around 25 per cent of it coming from Singapore.
The research finds that Australia's transport fuels are highly vulnerable to international prices and supply chains and yet demand-side solutions, particularly the electrification of transportation, have been ignored. Key Findings: Australia is reliant on imports for around 91% of fuel consumption.
Australia is a net importer of oil and imports a large proportion of its refinery feedstocks. Most of Australia's oil is produced on the North West Shelf, some distance from domestic east coast refining capacity.
⇒ The ACCC has estimated that the retail sector as a whole (fuel and nonfuel sales) has earned net profit at an annual average rate of 2.1 cents per litre for the past 9 years. According to ACCC Reports: ⇒ The average net profit on fuel over the past 9 years was 1.3 cents per litre.
Australia's crude oil export volume has steadily declined over the past decade. In financial year 2022, the volume of crude oil exported from Australia was approximately 16.8 thousand megaliters.
Hong Kong. Hong Kong is the most expensive place on Earth to fill up your car. Prices there are $4.32 a litre, substantially more than double the international average.
Goods and services tax (GST)
Retail fuel prices in Australia include GST at the rate of 10% (or 1/11 of the total price paid).
In 2022, about 134.55 billion gallons (or about 3.20 billion barrels)1 of finished motor gasoline were consumed in the United States, an average of about 369 million gallons per day (or about 8.78 million barrels per day).
Fuel type. Petrol powered vehicles decreased by 1.0 percentage point to 71.7% of the national fleet. Diesel powered vehicles increased by 0.8 percentage points to 26.4% of all registered vehicles.
Unleaded fuel is now the standard petrol used in most cars and light-duty vehicles in many countries, including Australia. It contains a number of different additives, such as detergents and oxygenates, to improve engine performance and reduce emissions.
Australia holds 1.7 million barrels in the reserve. The Japanese gave a similar commitment. “The stabilisation of the crude oil market is extremely important for the stability of the world economy and the Japanese economy,” the Ministry of Economy, Trade and Industry said in a statement.
“We currently produce per day an estimate of 350,000 barrels per day. We use about a million, so there's a shortfall of two-thirds,” he said. “There's an estimate that Australia has known reserves – so there could be stuff we don't know about – of about a billion barrels, which is about a thousand days' worth.
Indeed, Australia is a hydrocarbon-rich nation. Consequently, both oil and gas have played a key role in satisfying the country's energy needs.
Australia imports Refined Petroleum primarily from: Singapore ($6.57B), South Korea ($3.32B), India ($2.62B), Malaysia ($2.56B), and China ($1.25B). The fastest growing import markets in Refined Petroleum for Australia between 2020 and 2021 were Singapore ($3.75B), South Korea ($1.77B), and India ($1.71B).
Fuel excise is a flat sales tax levied by the Australian Government on petrol and diesel bought at the bowser. The current rate is 47.7 cents in excise for every litre of fuel purchased. The rate of fuel excise is adjusted in February and August each year in line with inflation and is in addition to the GST.
“International benchmark prices and the value of the Australian dollar have the most influence on the price consumers pay for fuel,” the ACCC said on its website. “Pricing decisions by wholesalers and retailers, and levels of competition in different locations [also] influence fuel prices.”
We already know cost of crude is Rs 23.29 per litre. By assuming one litre of crude produces one litre of petrol (usually it will be more if we convert all the byproducts in monetary terms), the cost of refining, margins of OMCs and margins of dealers all together will stand at Rs 10.57.
Australia offers none of the capital or operating cost benefits available in many developing countries. Compared to refineries across Asia, Australian refineries suffer from substantial disadvantages in operating and capital costs that preclude Australia from consideration for major new refinery projects.
Australia has prohibited the import, purchase or transport of Russian oil, gas, refined petroleum products and coal since 25 April 2022.
Venezuela - 303.806 Billion Barrels
Venezuela holds the largest oil reserves globally, with over 300 billion barrels mainly located in the Orinoco Belt at the southern end of the eastern Orinoco River Basin.