Aussie Petrol Prices Are Up (And Staying Up)

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Did you get a nasty surprise last time you went to fill up your petrol tank? Fuel prices across Australia are spiking, with prices in major cities reaching highs that have not been seen in many, many years. The bad news is, economists have predicted that prices will remain high throughout the school holidays, which start next week in NSW.

Petrol prices in Sydney and Melbourne have shot up to just under 170 cents this week, higher than they have been in almost ten years. Earlier this month both Adelaide and Brisbane also hit four-year highs, while prices in Western Australia are also reaching record highs.

Speaking to 7 News, Commsec Senior Economist Ryan Felsom said "As we approach the school holidays in New South Wales next week, we expect prices to remain elevated." Commsec analysts point to wholesale petrol prices for this rise, which are currently at a four year high.

Sydney was the most expensive major city in Australia as of yesterday, with average prices for unleaded petrol at 162.3c. It's followed by Hobart at 160.4c, Canberra at 158.4c, Melbourne at 156.8c, Darwin at 156.3c, Brisbane at 153.9c and Adelaide at 151.4c, though the South Australian capital hit a high of 164.3c in the past two weeks. Perth was the lowest with an average price of 145.3c.

If you're worried about petrol costs in the coming months, check out our handy guide to some of the best apps to save you money on your next refill:

Five Ways To Save Money On Petrol

A combination of rising crude oil prices, bigger retail margins and a stronger global economy has meant Aussie petrol prices have continued to climb over the past month. The result? Aussies are having to spend an extra $20 a month on petrol compared to the same time last year.

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Comments

    Can someone explain to me how the price of petrol is allowed to fluctuate up to 20% on a weekly basis without any sort of government intervention or oversight? If the price of any other good or service fluctuated in this manner there would be riots and/or royal commissions.

      Because you live in a capitalistic society where no one gives a shit what you pay. The gov loves it as they get more taxes.

      Because they can and there is absolutely no one who can tell them not too.

      Remember a few years ago... there was an ACCC investigation on price fixing but came to the unsurprising conclusion that "there is no evidence of price fixing" even though all servos put their prices up within an hour of each other.

    Yeah. They aren't going to come down anytime soon as long as Trump keeps trying to do his best to unintentionally drive up oil prices.

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