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The average price of diesel in SA was $2.46 per litre on Thursday morning – 16 cents higher than the previous peak in October 2022.
It comes as the Singapore price of diesel – a major source of Australian diesel – sits at $228 per barrel as of Wednesday (up from $130 in late February).
However Wednesday’s Singapore price had fallen by $40 from it’s high on Monday of around $269 – potentially signalling a stabilisation of the diesel price in the coming weeks if conflict in the Middle East begins to de-escalate.
Overnight the International Energy Agency also agreed to the largest ever release of oil reserves, with 400 million emergency barrels to be made available from its 32 member countries.
RAA Principal Advisor Energy Peter Nattrass said Adelaide’s wholesale diesel price has spiked by about 47% since the war in Iran began, leading to record diesel prices at the pump.
“This is the most South Australians have ever paid for diesel at the pump,” Mr Nattrass said.
“These increases will be hurting households and businesses who rely on diesel, and unfortunately we don’t see them coming down in the short term.
“But there is no reason to panic buy – we still have plenty of supply in the system and only isolated cases of stations running out.
“The overseas price of diesel is still much higher than unleaded, but it has moderated slightly in the last few days. If that positive trend continues and the Strait of Hormuz is opened soon, we may see a stabilisation of prices but it will probably take a few weeks at least.”
Don’t panic buy – don’t reward high ULP prices
RAA is also urging motorists not to reward fuel retailers who continue to hike unleaded petrol prices well above wholesale, and to only buy fuel if they absolutely need it.
Unleaded prices at most outlets in Adelaide are $2.19 per litre – well above Wednesday’s terminal gate (wholesale) price of $1.93 per litre.
On each of the last seven days (up to Wednesday 11 March), average pump prices in Adelaide have been at least 25c per litre more expensive than the wholesale price paid by retailers.
By comparison, across January and February 2026 prior to the war in Iran, the average retail price was only 8c above wholesale.
Adelaide 2-3 week unleaded price cycle has not been seen since the war in Iran began.
RAA says this has been unfair on motorists and many retailers had been making hay while global oil prices rose, well before any impacts should’ve been felt in Australia.
RAA Principal Advisor Energy Peter Nattrass urged South Australians to take demand out of the system by only buying fuel when needed – in the hope the ULP price cycle might be reinstated.
“Don’t reward retailers hiking prices by panic buying and increasing their sales,” Mr Nattrass said.
“We have enough fuel supplies but the system needs to catch up to make sure it gets to where it’s most needed.
“Our message to motorists remains the same – use the RAA app to find the cheapest outlet near you when you need to fill up, take advantage of fuel discount offers, but don’t panic buy.”
Motorists can shop around for the cheapest fuel near them using the RAA app.
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