Oil Price in Australia — Brent & WTI Crude Today

Australia is a net oil importer despite substantial natural gas and condensate output, relying on imports for most of its transport fuels. Domestic petrol and diesel prices are benchmarked to Singapore refining margins, which themselves track Brent crude.

Classified here as a significant producer outside opec+, Australia trades against Dated Brent. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Australia settles at.

Australia produces at scale outside the OPEC+ framework, so its output responds to price and drilling economics rather than to a negotiated quota. That makes it a swing factor the cartel has to plan around: when Brent rises far enough to make new projects work here, the supply response arrives with a lag and caps the rally.

Dated Brent is the reference for Atlantic Basin, European and West African trade, so the headline Brent price maps fairly directly onto import and export contracts here.

Australia refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.

Crude is invoiced in US dollars, so buyers in Australia face two prices at once: the Brent price and the AUD exchange rate. A weakening AUD raises the local cost of a barrel even when Brent is flat, which is why domestic fuel prices in currency-exposed markets often fail to fall when the benchmark does. The reference rate used in the estimates on this site is 1.52 AUD per USD.