Aussies should brace for rising petrol prices in coming weeks
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It might be best to fill up your tanks now, members, as recent reports are saying that petrol prices could hit $2.15 a litre for unleaded over the coming weeks.
Russia is the world’s second-largest exporter of crude oil and refined petrol, as well as the world’s largest exporter of natural gas.
As the conflict between Russia and Ukraine deepens amidst global boycotts, sanctions, and pressure from the West, oil companies have been thrown into panic and Australian motorists may soon have to dig a little deeper to pay for their fuel.
Aussies braced for even higher petrol prices. Credit: Dylan Coker / The Sydney Morning Herald.
“There is no relief in sight for Australians with the price of regular unleaded to reach 200 cents per litre after the price of oil jumped over $10 a barrel overnight,” said National Roads and Motorists’ Association (NRMA) spokesperson Peter Khoury.
“If these increases are passed on to customers, the average price could rise to 206.9 cents per litre with highs above 215 centre per litre at the high point of the next cycle in Sydney,” he also added that this is the highest Australians have ever paid for fuel.
According to Fuel Price Australia, the average prices for regular unleaded 91 fuel across the nation’s capital cities currently ranges from $1.68 per litre to $1.94 per litre.
Thankfully, there is a way to mitigate the damage these petrol price hikes are doing to our budget – by getting into the habit of intermittently topping up when prices are cheap!
According to popular belief, Tuesdays and Sundays are the cheapest days to buy petrol, while Thursdays and Fridays are best avoided as petrol prices tend to peak on these days.
However, this is not always the case and prices can fluctuate wildly from week to week.
As part of its fuel price monitoring activities, the Australian Competition and Consumer Commission (ACCC) runs a petrol price cycles webpage which is updated multiple times per week. Here, it shows the cheapest and most expensive days to buy petrol in Australia’s capital cities.
As of writing, petrol prices in Melbourne and Sydney are decreasing but they are likely to decrease further. Meaning, motorists should delay buying petrol until later. Meanwhile, petrol prices in Perth, Adelaide, and Brisbane are at the lowest point of their cycle. This means now is a great time for motorists in these areas to fill up their fuel.
It’s not just motorists that are affected by the petrol price hike. Since retail prices are largely determined by price benchmarks for petrol, consumers may soon expect the cost of groceries and other goods, such as food and medicine, to rise as well.
The price of grain may also increase as Ukraine and Russia produce nearly 25 per cent of the world's wheat supply.
Since the current economic unrest still has no end in sight, everyday Aussies are advised to brace for more price hikes.
How have you been coping with the latest petrol price hikes?
Russia is the world’s second-largest exporter of crude oil and refined petrol, as well as the world’s largest exporter of natural gas.
As the conflict between Russia and Ukraine deepens amidst global boycotts, sanctions, and pressure from the West, oil companies have been thrown into panic and Australian motorists may soon have to dig a little deeper to pay for their fuel.
Aussies braced for even higher petrol prices. Credit: Dylan Coker / The Sydney Morning Herald.
“There is no relief in sight for Australians with the price of regular unleaded to reach 200 cents per litre after the price of oil jumped over $10 a barrel overnight,” said National Roads and Motorists’ Association (NRMA) spokesperson Peter Khoury.
“If these increases are passed on to customers, the average price could rise to 206.9 cents per litre with highs above 215 centre per litre at the high point of the next cycle in Sydney,” he also added that this is the highest Australians have ever paid for fuel.
According to Fuel Price Australia, the average prices for regular unleaded 91 fuel across the nation’s capital cities currently ranges from $1.68 per litre to $1.94 per litre.
Thankfully, there is a way to mitigate the damage these petrol price hikes are doing to our budget – by getting into the habit of intermittently topping up when prices are cheap!
According to popular belief, Tuesdays and Sundays are the cheapest days to buy petrol, while Thursdays and Fridays are best avoided as petrol prices tend to peak on these days.
However, this is not always the case and prices can fluctuate wildly from week to week.
As part of its fuel price monitoring activities, the Australian Competition and Consumer Commission (ACCC) runs a petrol price cycles webpage which is updated multiple times per week. Here, it shows the cheapest and most expensive days to buy petrol in Australia’s capital cities.
As of writing, petrol prices in Melbourne and Sydney are decreasing but they are likely to decrease further. Meaning, motorists should delay buying petrol until later. Meanwhile, petrol prices in Perth, Adelaide, and Brisbane are at the lowest point of their cycle. This means now is a great time for motorists in these areas to fill up their fuel.
It’s not just motorists that are affected by the petrol price hike. Since retail prices are largely determined by price benchmarks for petrol, consumers may soon expect the cost of groceries and other goods, such as food and medicine, to rise as well.
The price of grain may also increase as Ukraine and Russia produce nearly 25 per cent of the world's wheat supply.
Since the current economic unrest still has no end in sight, everyday Aussies are advised to brace for more price hikes.
How have you been coping with the latest petrol price hikes?
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