Yahoo Finance Petrol prices jump to record highs after Sydney reopens
Sydney has recorded its highest ever petrol price, with regular unleaded now more than 170 cents per litre on average, just days after the NSW capital reopened.
Average prices for regular unleaded will peak at more than 174 cents per litre before beginning to fall again, but 40 per cent of service stations are already charging 181.9 cents per litre.
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Melbourne (174.7 cents per litre) and Brisbane (176.6 cents per litre) also broke records for average prices on Monday.
“These record prices could not have come at a worse time [for Sydney] – just as families are getting out and about, the city’s economic activity was meant to be ramping up,” NRMA spokesperson Peter Khoury said.
OPEC has been reluctant to increase oil output after the COVID-19 pandemic triggered the largest price fall in 29 years.
However, this is now putting extra pressure on the supply chain, Khoury said.
The Singapore Mogas international benchmark price closed trading on Friday at nearly US$100, after having risen US$84 since July 2020.
Gasoil prices have also risen to US$98 a barrel, taking the average diesel price to 158 cents per litre.
“We are now seriously concerned that there is little relief in sight and that is bad news for families and the economy,” Khoury said.
“These prices are going to hurt family budgets and the importance of doing some research before filling up has never been clearer.”
However, 23 per cent of stations are still selling regular unleaded for 159.5 cents per litre, with Khoury reminding motorists to shop around.
The most expensive service station in Sydney is charging 56 cents per litre more than the cheapest, which would mean a $31 saving on a full tank of fuel.
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