Oil Prices: Who Actually Decides What You Pay at the Pump?
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Oil Prices: Who Actually Decides What You Pay at the Pump?
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Oil once became so awkward to own that traders paid someone else to take it off their hands. So why didn't motorists get paid to fill up?
Sam unpacks the strange day US oil futures went negative, the storage problem behind it, and the surprisingly different forces shaping the price at an Australian servo. From Singapore's refined-petrol benchmark to the Australian dollar, this is the story behind the number on the bowser.
Recorded in October 2026, with current context from the ACCC's 2 October fuel monitoring report. Currency examples are hypothetical.
Sources and further reading:
ACCC weekly fuel report, 2 October 2026: https://www.accc.gov.au/system/files/weekly-fuel-price-monitoring-report-2-october-2026.pdf
ACCC — What affects fuel prices: https://www.accc.gov.au/consumers/petrol-and-fuel/what-affects-fuel-prices
US Energy Information Administration — Why WTI futures went below zero: https://www.eia.gov/todayinenergy/detail.php?id=43495
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