Petrol prices are set to hit 14-year highs across parts of the country, with eye-watering figures across the capital cities.
Drivers across the country are being slugged hard at the bowser as petrol prices across the capital cities soar – some tipping more than $2 a litre.
Experts are warning fuel prices in some parts of the country will reach 14-year highs as global oil costs continue to rise, with little short-term relief in sight.
In Sydney, prices for premium 98 unleaded fuel have skyrocketed to $2.29 a litre in Balgowlah.
Prices for the same fuel are up to $2.17 a litre in Mosman and $2.14 a litre in Drummoyne.
NRMA spokesman Peter Khoury said every capital city had so far exceeded its highest average price for regular unleaded petrol.
He explained that some servos competed on price and could “overcharge” compared with others, but global demand for oil had increased across the globe.
“While the demand has increased as some countries come out of the pandemic, supply has not,” Mr Khoury said.
“Geopolitical factors playing out, such as the tension between Russia and Ukraine, also play a role as Russia is a major oil supplier.
“As a result, Australia is exposed to higher prices.”
In Queensland, RACQ spokeswoman Kate Leonard-Jones said more than 15 per cent of fuel companies in Brisbane were charging above $1.90 for unleaded petrol.
She said inner-north areas such as Mango Hill, Caboolture, and Acacia Ridge, and northern parts of the Gold Coast were among the most expensive areas.
“We won’t see the average price of ULP crack 200 cents per litre in the southeast during this price hike, but oil is trending up, and if sustained, it’s likely petrol could surpass 200 cents per litre in March or April,” she said.
In Melbourne, the average price for unleaded clocks in at $1.83 per litre, but the average is much higher for premium unleaded, standing at $2.05 per litre.
Despite the exorbitant figures at the bowser, the Australian Competition and Consumer Commission claimed capital city petrol prices over 2020-21 were the lowest in 22 years in real inflation adjusted terms.
The consumer watchdog says travel restrictions and reduced economic activity meant less petrol was purchased.
“In 2020–21, annual petrol sales volumes were around 11 per cent lower than in 2018–19 before the impact of Covid-19,” its report states.
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