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.
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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.