Wed. Oct 27th, 2021

Gasoline prices across capitals are tipped to reach record highs, and an expert warns that “the worst is yet to come”.

NRMA’s Peter Khoury issued the gloomy warning on Thursday morning while speaking to Sunrise.

“It’s awful and it’s going to get worse,” he said.

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“Unfortunately, we are really worried that the worst is yet to come, and when you go across the country (the prices) in all the capitals will get warmer, and unfortunately pretty much everyone will break a record over the next week or so.

“We are preparing for the worst in Sydney to happen in the next few days.”

In Sydney, prices have risen by more than 10 centers per liter in just three days, which is a huge shock for drivers after record lows during the middle of the pandemic.

Khoury predicts that the cost of refilling will exceed $ 1.70 per refill. Liter throughout Sydney.

“It’s especially challenging for families coming out of the lockdown,” he said.

GASOLINE WARNING
Camera iconPrices can exceed $ 1.70 a liter in Sydney. Christian Gilles / NCA NewsWire Credit: Corp Australia company profile

“You finally get in the car, go out and drive around, and unfortunately it’s these dramatically rising prices.”

It comes amid the news that the pockets of Perth motorists will be hit even harder as the number of “cheap” filling days is set to be cut down among record high prices.

FuelWatch warns that the weekly refill day will be reduced to only every other Tuesday, as major gas stations begin to fit a cycle every fortnight.

On Wednesday 6 October, a record was set at all times for unleaded petrol in Perth with an average of 141.1 øre per liter.

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The price increase is a product of global oil prices that has triggered the cost of filling up to rise.

Khoury explained that oil prices have been steadily rising over the year.

On Monday, U.S. crude oil jumped more than two percent to a seven-year high of $ 81.50 ($ 111) a barrel.

That increase means that costs have skyrocketed by more than 120 percent since the end of October last year.

The last time oil exceeded US $ 80 (AU $ 109) per barrel was in October 2014.

But the price of oil is not only to blame. Some companies are likely to try to withhold lost revenue from a dramatic drop in road users during the height of the pandemic.

“More cars are on the way and we are already seeing it in Sydney. Victoria is not far behind (but) we want to see these margins come in because families are suffering and we want people back on the roads, ”Khoury told the program.

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“We want people to spend money on the local economy and not on bowser.”

Sydney, Brisbane and Melbourne are the three cities with the most expensive average petrol prices.

More than a quarter of all Brisbane fuel retailers sell gasoline for $ 1.80 per liter. Liter. The city average is around $ 1.68.

Sydney, Brisbane and Melbourne have the most expensive prices.  Noel Thompson
Camera iconSydney, Brisbane and Melbourne have the most expensive prices. Noel Thompson Credit: News Regional media

Nationwide, the figure is $ 1.45 cents a liter on average for lead-free so far this year. It is well up to the 122.9 øre liter last year.

Finder’s Consumer Sentiment Tracker revealed that 12 percent of people say that gasoline is one of the expenses that causes them the most stress.

The Consumer Watch monitors petrol prices, which were largely determined by global factors.

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