Fear that rising petrol prices could break records
Tech Updates

Fear that rising petrol prices could break records

Every Australian could soon pay more than $2 a liter at the pump as concerns grow that rising petrol prices in the country could break records.

The Australian Institute of Petroleum revealed that the average retail price of petrol last week was 199.1 cents per liter, a huge increase of 7.6 percent from the previous week.

In major cities like Sydney ($2.03), Melbourne ($2.05), and Brisbane ($2.06), the average petrol price exceeded $2, while also averaged over the border for all of Victoria, Queensland, and the Northern Territory.

Camera icon All Australians paid an average of $2 at the pump. NCA NewsWire/Gaye Gerard Credit: News Corp Australia

It comes after fuel taxes on petrol and diesel was halved in this year’s federal budget for six months after Russia’s war in Ukraine affected supplies.

As a result, the average gasoline price in April dropped to as much as $1.60 per liter.

But now prices are higher than the previous eye-watering amounts reached in March, and NRMA spokesman Peter Khoury told Sunrise on Tuesday it’s impossible to know what’s going to happen.

“We did know in 2022 that it is impossible to predict what prices will do. It’s the most volatile we’ve ever seen; it’s chaotic now,” he said.

“There’s really no way of knowing what’s going to happen in the next 24 hours, let alone the next week.”

He said a recent oil refinery fire has contributed to rising prices, but he hopes the wholesale price will not surpass previous records.

“A few days ago, we saw them jump $10 a barrel after a fire at an oil refinery in South Korea, but those prices have bounced back now, and we’re hoping this will be enough to avoid any record-breaking.” ‘said Mr. Khoury.

“Hopefully, that will be enough for the time being to keep us from those record prices. But again, who knows what will happen.

“The word hopes I mentioned there a few times is crucial.”

Camera IconNRMA spokesperson Peter Khoury hopes that rising gasoline prices will not break previous records. NCA NewsWire/Bianca De Marchi Credit: News Corp Australia

Mr. Khoury advised consumers to make an effort to find the cheapest gas station near them.

“If you want to save, research. That is the most important. If you’re going to fill up, before you get in, go to the apps with real-time data,” he said.

“Those apps or websites show the price of each gas station in real-time, and if you live in a city where the difference between the cheapest and the most expensive is $0.40, you save a lot more than looking at a price.”