Motorists have warned that record petrol prices could persist for weeks


In Melbourne, the average unleaded price per liter also rose 7% this month, from $1.51 to $1.62.

Hobart’s average price hit a record high of $1.81, while Brisbane rose 16% to $1.76, according to data compiled by the Australian Institute of Petroleum (AIP) and oil tracker website. FuelPrice Australia.

“We have paid record prices across the country,” said NRMA spokesman Peter Khoury, who attributes the increase mainly to a series of international circumstances beyond Australia’s control.

“Basically, anything that could go wrong right now is going wrong,” he said.

Australian oil prices are linked to international oil markets via Singapore’s Mogas 95 benchmark. Benchmark crude oil prices – a natural resource that is processed and refined into transportation fuels – have risen more than 10% since the start of the year, supported by robust demand despite the surge in Omicron COVID-19 infections globally.

Meanwhile, members of the Organization of the Petroleum Exporting Countries (OPEC) continued to produce less oil than expected under increased production target levels.

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CommSec Senior Economist Ryan Felsman also pointed to geopolitical tensions, including the threat of a Russian invasion of Ukraine, which has “reinforced concerns about an already strained supply outlook.”

Fuel price inflation has been cited as a driving factor in the country’s biggest inflation hike since 2014, the Australian Bureau of Statistics reported earlier this week, along with the rising cost of building new homes.

A spokesman for federal energy minister Angus Taylor said on Wednesday the government had recognized that some Australian families and businesses were facing price pressure at the pump due to global supply and factors. pricing.

“The government expects motorists to get a fair deal when buying fuel, however, the government does not regulate prices,” he said.

“As the world experiences high oil prices, Australian Oil Statistics data indicates that Australia has the lowest prices in 2021 of any OECD country.”

The ACCC would continue to monitor the market to ensure consumers were not paying too much, the spokesperson said.

Gasoline prices may vary across the country based on various competitive factors, such as market size, location, degree of competition, company-specific pricing strategies, and variations in price cycles. pricing in major cities.

Australia’s average fuel price rise over the past 12 months follows a year of historically cheap petrol in the country’s five capitals in the 2020-21 financial year as the onset of COVID lockdowns -19 drained fuel demand and triggered a global oversupply of crude oil.

Statistics from the Australian Competition and Consumer Commission (ACCC) showed motorists paid an average of $129.7 per liter for the 12-month period, the lowest inflation-adjusted monthly price since the start of retail price surveillance in 1991.

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