Find out how much Aussies are paying for petrol as prices skyrocket!
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The Great Australian Road Trip is a time-honoured tradition for many, especially for those who can explore this vast and beautiful country.
However, recent data has shown that this beloved pastime is becoming increasingly expensive, with petrol prices reaching record highs that are hitting the wallets of Australians harder than ever.
According to the latest figures from the National Roads and Motorists' Association (NRMA), petrol costs have soared to unprecedented levels.
Sydney, for instance, is experiencing one of the longest petrol price cycles in history, with peaks lasting seven weeks.
The situation is exacerbated by the fact that a staggering 45 per cent of Sydney service stations are lingering at the higher end of the price cycle, charging the maximum prices possible.
The NRMA's research paints a stark picture: the average cost of regular unleaded petrol this year has peaked at 212.2 cents per litre.
When prices fall, they hit a low average of 182.3 cents per litre, leaving a significant gap of almost 30 cents per litre between the peak and trough of Sydney's price cycles.
The disparity between the cheapest and most expensive service stations in Sydney has also hit a record 59.2 cents per litre.
‘Price cycles are unique to Australia, and while we have seen them across our largest cities for almost two decades, we are now seeing similar trends in larger regional towns located near the capitals,’ NRMA spokesperson Peter Khoury said.
‘NRMA research exposed the reality of these cycles: they are lasting longer, prices rise up to three times faster than they fall.’
‘With this latest research we know that the majority of service stations in Sydney are charging the maximum price longer at the top of the cycle—there are no more outliers.’
This comes after when reports showed that Australian petrol prices rose by 7.7 per cent, which is more than double the country’s inflation rate of 3.8 per cent.
Contributing factors to the rising fuel costs include actions by the Organisation of the Petroleum Exporting Countries )OPEC), demands in major global economies, geopolitical tensions, and central banks' interest rate hikes to combat inflation.
How have rising petrol prices affected your travel plans? Do you have any tips for saving on fuel that you'd like to share with the community? Let us know in the comments below!
However, recent data has shown that this beloved pastime is becoming increasingly expensive, with petrol prices reaching record highs that are hitting the wallets of Australians harder than ever.
According to the latest figures from the National Roads and Motorists' Association (NRMA), petrol costs have soared to unprecedented levels.
Sydney, for instance, is experiencing one of the longest petrol price cycles in history, with peaks lasting seven weeks.
Petrol prices have soared, hitting the wallets of Aussies harder than ever. Credit: Shutterstock
The situation is exacerbated by the fact that a staggering 45 per cent of Sydney service stations are lingering at the higher end of the price cycle, charging the maximum prices possible.
The NRMA's research paints a stark picture: the average cost of regular unleaded petrol this year has peaked at 212.2 cents per litre.
When prices fall, they hit a low average of 182.3 cents per litre, leaving a significant gap of almost 30 cents per litre between the peak and trough of Sydney's price cycles.
The disparity between the cheapest and most expensive service stations in Sydney has also hit a record 59.2 cents per litre.
‘Price cycles are unique to Australia, and while we have seen them across our largest cities for almost two decades, we are now seeing similar trends in larger regional towns located near the capitals,’ NRMA spokesperson Peter Khoury said.
‘NRMA research exposed the reality of these cycles: they are lasting longer, prices rise up to three times faster than they fall.’
‘With this latest research we know that the majority of service stations in Sydney are charging the maximum price longer at the top of the cycle—there are no more outliers.’
This comes after when reports showed that Australian petrol prices rose by 7.7 per cent, which is more than double the country’s inflation rate of 3.8 per cent.
Contributing factors to the rising fuel costs include actions by the Organisation of the Petroleum Exporting Countries )OPEC), demands in major global economies, geopolitical tensions, and central banks' interest rate hikes to combat inflation.
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