Fill your tanks! Petrol prices expected to hit $2.14 a litre next week
- Replies 7
Most of us have been there before: your car is running on fumes, and you need to get fuel in the tank ASAP.
But as you pull into your local service station, your heart sinks as you see the prices have gone up again – sometimes by quite a lot. And to make matters worse, it always manages to happen at the most inconvenient times!
While we can’t do anything about when petrol prices rise and fall (unfortunately), what we can do is give our fellow Aussie drivers a heads-up about when they should expect things to start getting expensive again. According to recent reports, that time is now.
As many cities hit their first new petrol cycle after fuel excise was reinstated in late September, some retailers are already charging more than $2.10 per litre across major cities like Sydney and Melbourne.
While the full effect of the fuel excise has yet to be felt across the board, based on current trends, costs could jump by up to 40 cents per litre within just one week. This would put prices at a whopping $2.14 per litre across Australian city centres! Ouch.
'We know that fuel prices fluctuate in regular cycles and commuters will see the biggest difference between the cheapest and the most expensive at the start of the cycle, when prices are climbing,' according to Chris Ford, an energy expert from Compare the Market.
The prices of petrol have varied by as much as 50 cents in cities like Sydney and Melbourne as some retailers opted to hike fuel prices over the weekend.
Nationwide, average diesel prices have also hit all-time highs with a litre of fuel valued at $2.33 after a recent 11.3 cent bump.
To add to the woes of Australian motorists, major oil-producing centres around the world have also cut back on oil production in an attempt criticised by some experts as a move meant to ‘squeeze’ the global oil market.
Among other factors, the development is exerting more pressure worldwide to keep fuel prices high over a tightened supply.
'Fuel prices skyrocketed earlier this year due to fuel supply chain issues caused by the COVID pandemic, the war in Ukraine and supply shortages, but it's the Organisation of Petroleum Exporting Countries' latest decision to cut oil production that will keep prices high now,' Ford said.
Fuel prices across Australia previously dropped to $1.73 per litre on average from a peak of $2.12 when the petrol price cycle bottomed out.
Unsurprisingly, these skyrocketing prices of petrol have forced Aussies to search for cost-effective ways to cope, including taking advantage of phone applications and looking for petrol station deals.
Meanwhile, if you’re on the lookout for places where fuel is cheap, you may opt to use sites like petrolspy.com.au or applications like the RACQ Fair Fuel Finder that can give you a clue about where you can get the best value for money.
How have you coped with these nauseatingly high petrol prices? Do you think these prices will go down anytime soon?
And are you planning on filling up on fuel with these hikes expected?
Share your thoughts and opinions in the comments section below!
Source: YouTube/7News Australia
But as you pull into your local service station, your heart sinks as you see the prices have gone up again – sometimes by quite a lot. And to make matters worse, it always manages to happen at the most inconvenient times!
While we can’t do anything about when petrol prices rise and fall (unfortunately), what we can do is give our fellow Aussie drivers a heads-up about when they should expect things to start getting expensive again. According to recent reports, that time is now.
As many cities hit their first new petrol cycle after fuel excise was reinstated in late September, some retailers are already charging more than $2.10 per litre across major cities like Sydney and Melbourne.
While the full effect of the fuel excise has yet to be felt across the board, based on current trends, costs could jump by up to 40 cents per litre within just one week. This would put prices at a whopping $2.14 per litre across Australian city centres! Ouch.
Aussies have been exposed to petrol prices above $2 per litre over shifts in global oil market trends. Credit: Pexels/Skitterphoto
'We know that fuel prices fluctuate in regular cycles and commuters will see the biggest difference between the cheapest and the most expensive at the start of the cycle, when prices are climbing,' according to Chris Ford, an energy expert from Compare the Market.
The prices of petrol have varied by as much as 50 cents in cities like Sydney and Melbourne as some retailers opted to hike fuel prices over the weekend.
Nationwide, average diesel prices have also hit all-time highs with a litre of fuel valued at $2.33 after a recent 11.3 cent bump.
To add to the woes of Australian motorists, major oil-producing centres around the world have also cut back on oil production in an attempt criticised by some experts as a move meant to ‘squeeze’ the global oil market.
Among other factors, the development is exerting more pressure worldwide to keep fuel prices high over a tightened supply.
'Fuel prices skyrocketed earlier this year due to fuel supply chain issues caused by the COVID pandemic, the war in Ukraine and supply shortages, but it's the Organisation of Petroleum Exporting Countries' latest decision to cut oil production that will keep prices high now,' Ford said.
Fuel prices across Australia previously dropped to $1.73 per litre on average from a peak of $2.12 when the petrol price cycle bottomed out.
Meanwhile, if you’re on the lookout for places where fuel is cheap, you may opt to use sites like petrolspy.com.au or applications like the RACQ Fair Fuel Finder that can give you a clue about where you can get the best value for money.
How have you coped with these nauseatingly high petrol prices? Do you think these prices will go down anytime soon?
And are you planning on filling up on fuel with these hikes expected?
Share your thoughts and opinions in the comments section below!
Source: YouTube/7News Australia
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