Petrol prices on the rise ahead of the Easter long weekend with motorists being urged to shop around.
The cost of petrol is skyrocketing ahead of the Easter long weekend, with prices in the three main capital cities returning to pre-pandemic levels.
The average price of fuel hit 147.2 cents per litre in Melbourne this week and is expected to continue its rise alongside Brisbane, which is currently at 164.3 cents despite the ongoing lockdown.
Melbourne’s more affluent suburbs – including Hawthorn and Camberwell – hit $1.60 a litre, while some Eastern suburbs reached $1.70.
We are witnessing the beginnings of a price hike into the inner-northern suburbs like Carlton and Fitzroy, with some cheaper prices still available in western suburbs like Altona and Sunshine.
Brisbane peaked yesterday at 164.6 cents. Prices are expected to remain elevated for some time, with the snap lockdown seemingly having no effect on fuel prices.
Sydney’s average sits at 133.1 cents per litre. The city is experiencing wide dispersions, particularly across the Eastern Suburbs, withs Bondi today seeing prices as high as $1.70 per litre.
While NRMA’s Peter Khoury says the state will now decline, Ryan Felsman – a senior economist at CommSec – believes Sydney is at its peak with prices expected to remain at this level over the coming days.
“Prices are being hiked in Sydney. Heading down to the south-western suburbs, the more competitive part of the city, prices are still cheap. As you travel towards the coast, as usual the more affluent areas, as usual, we are seeing prices lift.”
“The advice to motorists is to fill up in areas where prices are $1.35 per litre or below now, before the Easter long weekend begins. Otherwise, you’ll be paying close to $1.70 a litre – if you can, top up rather than fill up.”
Hobart sits at an average of 142.6 cents per litre with Canberra at 140.3 cents, while Adelaide is expected to increase, currently at an average of 138.4 cents.
Working off Perth’s seven-day price cycle, today is the most expensive day to fill up – its average is 158.8 cents per litre, and will start it decline tomorrow.
While Australians continue to work together to suppressing the virus, and as motorists join the road again, the demand for fuel continues to increase with crude oil prices lifting internationally. Public holidays add a further excuse for fuel stations to increase prices.
“Determining petrol prices in Australia should have absolutely nothing to do with our calendar. There’s no justification for it. Prices should only be decided by overseas factors – strength of the Aussie dollar and oil prices.” Khoury says.
While there’s no solution in the interim, motorists are being urged to shop around to find the right price. What’s more, consumers are encouraged to use real-time fuel apps.
“Fill up where it’s cheap. It doesn’t matter what the brand is at the front of the servo – what we want to do is save people money. The independents seem to be cheaper and wherever there is an accumulation of more service stations the prices will be low because there is more competition. Why pay $1.70 when you can be $1.20?” Khoury remarked.
While there’s a push to encourage domestic tourism in Australia, Peter raises a valid point that every extra dollar consumers are spending at a bowser is one dollar less spent at rural or regional communities that require support.
He also agrees that the rise in fuel prices could incentivise consumers to explore electric vehicles.
“Do we want to be driving around with Australian-made electricity or do we want to be importing oil from some of the most volatile parts of the world – NRMA are doing a lot of work to encourage the EV uptake in Australia but also we want to see the price of electrical vehicles come down.”
Petrol prices rise for the Easter long weekend in Australia