Finance Consumer Bowser pain as petrol prices head towards decade high

Bowser pain as petrol prices head towards decade high

petrol prices
Fuel prices have surged across the nation in recent weeks. Photo: TND
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Drivers across Australia face rising fuel costs as the NRMA warns the cost per litre could reach the highest price in more than a decade by October.

Average prices for regular unleaded have hit 164.7 cents a litre in the past week in Sydney, with prices at major service stations as high as 175.9 cents per litre.

The rises come despite demand falling below pre-pandemic levels as Brisbane and Melbourne recorded the most expensive petrol per litre.

NRMA spokesman Peter Khoury said the steady rise came as the OPEC countries continued to choke supply, artificially inflating global oil prices at a time when demand for oil was recovering globally.

“These high prices are hitting our essential workers the hardest as they are still travelling to work every day … [and] hurting at a time when the community needs relief the most,” Mr Khoury said on Thursday.

“If you can hold off, customers can expect to see some relief at the bowser towards the end of the month with prices expected to fall close to 140 cents per litre at the low point of the cycle.”

Australia’s international benchmark price Singapore Mogas has kept rising steadily to almost $US90 a barrel. Sydney’s Terminal Gate Price has reached a 21-month high of 137.7 cents a litre.

Mr Khoury said if prices continued to increase, the average Sydney regular unleaded fuel price could jump to 170 cents a litre by October. That would be the highest average fuel price since before the start of the global financial crisis in 2008.

Despite Sydney having its highest prices in more than a year, drivers have so far been spared record-breaking prices of 172.6 cents a litre in Brisbane earlier this week.

The average price of a litre of petrol this week is 165.7 cents in Perth, 159.6 cents in Melbourne, 146.9 cents in Darwin, 149.9 cents in Hobart, 136.4 cents in Adelaide and 150.6 cents in Canberra.

Check fuel prices near you with the RACV in Victoria, the RACQ in Queensland or with the NRMA app.

-with AAP