Yahoo Finance $2 a litre: Petrol prices expected to jump as oil soars
It seems there will be no relief in sight for Aussie drivers, with the NRMA revealing the price of regular unleaded petrol is expected to reach an all-time high of $2 per litre.
The news comes after the price of oil soared to over $110 a barrel overnight and is expected to keep climbing.
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Australia’s international benchmark price, Singapore Mogas, rose to almost US$126 ($172) a barrel, and Tapis oil increased by US$10 per barrel to more than US$116 ($159).
Today, the average price for regular unleaded fuel in Sydney is 181.3 cents/litre (CPL), which is expected to rise to 206.9 CPL with highs above 215 CPL at the peak of the next cycle in Sydney.
Customers who use diesel fuel can also expect to see higher prices, with average rises of 7-10 CPL to 189, marking a new record for Sydney diesel prices.
‘Highest Australians have ever paid’
NRMA spokesperson Peter Khoury said there was no relief in sight for customers who had been paying record prices for regular unleaded fuel since late last year.
“Customers will continue to see new record prices set, with average prices soon to be above $2 per litre across most Australian capital cities,” Khoury said.
Khoury explained that a combination of factors were driving the record prices, including an unwillingness by OPEC to increase production levels amid global demand increases, as well as the current war in the Ukraine.
“While the per-barrel oil prices are comparable to July 2014, with a lower Australian dollar, this is the highest Australians have ever paid for fuel,” Khoury said.
“Many Australians will remember when averages dropped to $1 per litre in April 2020, and driving around their local area to find service stations selling below the average. If prices continue to surge, motorists could be faced with struggling to find prices under $2.”
Khoury urged NSW customers to use the NRMA app to shop around for the best price before filling up, to ensure they weren’t paying through the nose for fuel if they didn’t have to.
Average petrol price per city
The NRMA compiled a list of the average cost of unleaded petrol per city, with Hobart prices soaring to 196.5 CPL, followed by Melbourne at 195.7 CPL.
The lowest average petrol prices for unleaded customers were in Adelaide at 181.1 CPL, and Sydney at 181.3 CPL.
City | Fuel type | Average | High | Low |
Adelaide | Unleaded | 181.1 | 199.9 | 172.9 |
Brisbane | Unleaded | 183.7 | 210.9 | 161.9 |
Canberra | Unleaded | 189.4 | 193.9 | 177.9 |
Darwin | Unleaded | 189.8 | 191.9 | 184.5 |
Hobart | Unleaded | 196.5 | 203.9 | 186.9 |
Melbourne | Unleaded | 195.7 | 205.9 | 166.9 |
Perth | Unleaded | 182.2 | 192.9 | 166.7 |
Sydney | Unleaded | 181.3 | 199.9 | 169.7 |
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