Why you could spend a record $2 a liter to refuel your car this weekend, while gasoline prices are ‘through the roof’
- Gasoline prices will skyrocket across Australia and go into effect this weekend
- The significant price increase is due to a massive surge in global crude oil prices
- In Queensland, some retailers are giving drivers a staggering $1.80 per litre
- NRMA’s Peter Khoury said some NSW residents have to pay $1.70 per litre
- Gasoline prices haven’t been this high since the global financial crisis in 2008
Australian drivers prepare to be hit in the hip pocket when they fill up at the tanker this weekend, while gasoline prices skyrocket to $2 a liter in some capitals.
The country registers its highest prices since the global financial crisis in 2008 according to Peter Khoury, head of media at the NRMA, with a huge spike in global crude oil prices.
Singapore Mogas 95, a popular choice at Australian gas stations, is currently trading at a record price of over $90 a barrel.
Mr Khoury said the price hike is a bitter pill to swallow for ordinary Australians – especially those who have been shut down for months during the Covid pandemic.
“The worrying thing is that there is no relief in sight, possibly until November,” he told the Daily Mail Australia on Thursday.
Vehicle owners will be hit in the hips if they fill up at the tanker truck this weekend, with a record $1.70 per gallon for gasoline in some capital cities, such as NSW
‘In NSW petrol could cost as much as $1.70 on Saturdays… I haven’t seen prices like that since 2008 when it was $1.69 a liter – and that was due to the global financial crisis.’
Mr Khoury claimed the average price of petrol in Sydney is currently $1.63, up more than 10 cents a liter since Tuesday.
In other areas, such as Sydney’s affluent northern beaches, gasoline currently costs a dazzling $1.79 cents a liter on some servos.
Once Sydney’s average price crosses $1.70, it will be its highest ever.
Khoury also predicts that other capitals such as Brisbane will pay ‘through the roof’ for regular unleaded petrol in the coming days.
Average price of petrol in the capitals of Australia (per litre)
According to the Courier Mail, filling the road can run you as much as $1.80 in some parts of the Sunshine State.
In comparison, Melbourne’s average price for unleaded petrol is $1.62, compared to Perth ($1.57), Adelaide ($1.50), Canberra ($1.61), Hobart ($1.64) and Darwin ($1.59).
As a welcome relief, Mr Khoury said the financially crippling prospect of paying up to $2 a liter was highly unlikely for the majority – and that recent scenes in the UK where petrol stations ran out of petrol are not going to happen in Australia.
“It should be a catastrophic turnaround, so to speak,” he said.
Fuel prices around the world will continue to rise to coincide with the reopening of economies.
‘Oil companies make record profits from less volume, but as more people get’ vaccinated, the demand increases considerably.’
Last month, the Australian Institute of Petroleum confirmed that the national average for gasoline prices rose 3.2 cents to 157.4 cents per litre.
Commonwealth Securities senior economist Ryan Felsman said it was the highest level in just under three years.
The significant increase in petrol prices at gas stations (pictured) is due to a huge rise in global crude oil prices