Brent crude, Singapore benchmarks, and AUD/USD: the three forces that determine what Australians pay at the pump.
Australian retail prices follow Singapore benchmarks with a seven to fourteen day lag, priced through to the AUD/USD rate and layered with excise, GST, and retailer margin.
The global benchmark over a live 90-day window, with the current price, the weekly change and how today sits against the pre-crisis baseline.
Brent crude was last recorded at USD 110 a barrel, up 50 per cent on the official pre-conflict level (week ending 20 February 2026, ACCC). It is the global benchmark that ultimately drives what you pay at the pump.
| Measure | Value |
|---|---|
| Current | USD 110/bbl |
| Pre-conflict (week ending 20 Feb 2026, ACCC) | USD 73/bbl |
| Change since crisis | +50% |
| 90-day range | USD 69 to USD 117 |
Source: EIA (database)Updated 9 September 2026Scale USD 65 to USD 120, not from zeroHow we measure this
Mogas 92, Mogas 95, and Gasoil 10ppm, an implied Singapore equivalent inferred from Australia's live wholesale leg and the AUD/USD rate, not an independent Singapore quote.
These Singapore refined-product benchmarks are an implied Mogas equivalent: they are inferred from Australia's own live AIP wholesale prices and the AUD/USD rate, then quoted in US dollars a barrel. Because they are back-solved from the local wholesale leg, not an independent Singapore quote, they move with it by design, so read them as context rather than a separate market signal.
| Benchmark | Value US$/bbl | Pre-crisis | Change |
|---|---|---|---|
| Mogas 92Regular unleaded benchmark | USD 141 | USD 74 | +92% |
| Mogas 95Premium unleaded benchmark | USD 143 | USD 76 | +89% |
| Gasoil 10ppmDiesel benchmark | USD 169 | USD 89 | +90% |
Source: derived from live AIP Terminal Gate Prices and AUD/USDUpdated 16 September 2026FuelCrisis-derivedHow we measure this
A live 90-day trend, with the pump-price impact worked through at a constant Brent price so the exchange-rate effect stands on its own.
The Australian dollar has weakened to 0.7126 against the US dollar. Oil is priced in US dollars, so a weaker dollar adds to the pump price even when crude itself does not move.
| At Brent US$110/bbl | Crude bill A$/bbl | Crude component |
|---|---|---|
| AUD 0.67 (pre-crisis rate) | A$163 | 103c/L |
| AUD 0.7126 (now) | A$154 | 97c/L |
Source: Frankfurter (database)Updated 15 September 2026Scale 0.67 to 0.73, not from zeroHow we measure this
Brent outlook, Singapore benchmark moves, the AUD impact and our pump price outlook for the week ahead, in one email.