(Australian Associated Press)
Petrol prices have hit a four-year high but relief could soon be in sight
The cost of unleaded petrol jumped 5.1 per cent to an average 142.5 cents a litre in most capital cities in the past three months, a survey by comparison website comparethemarket.com.au found.
That’s the highest price since mid-2014, with some drivers paying more than $1.60 a litre, according to the Australian Competition and Consumer Commission.
ACCC chairman Rod Sims says concern about the global supply of crude oil has pushed up oil prices.
“Unfortunately, the international factors pushing up wholesale petrol prices mean that these higher prices are being passed on to Australian motorists at the petrol bowser,” he said in a statement on Tuesday.
NRMA spokesman Peter Khoury said prices should begin to ease at the bowser after an OPEC meeting on June 22, when its 14 member countries are expected to announce plans to increase oil production.
Russia and Iran have also recently announced plans to increase oil production.
“There should be relief in sight over the coming weeks and months hopefully,” Mr Khoury told AAP.
Between March and early June, drivers in Canberra and Brisbane were the hardest hit at capital city petrol pumps, forking out an average of 148.5 and 144.4 cents a litre respectively.
However, it was motorists in the northwest Sydney suburb of Maroota and the Adelaide suburb of Seaford who were hit hardest, with an average price of 160.4 cents per litre over the quarter.
The current peak in price is the third highest average per litre price since January 2000, according to Fuel Watch.
Prices surged to 154.5 in January 2014, just below 157.8 cents per litre reached in mid-2008.
Comparethemarket.com.au spokeswoman Abigail Koch urged drivers to use fuel price websites and apps to shop around ahead of the Queen’s Birthday long weekend in most states.
* Average unleaded petrol prices in major capital cities March-June
– Sydney 140.0 cents per litre
– Melbourne 141.1
– Brisbane 144.4
– Adelaide 140.0
– Perth 140.9
– Canberra 148