Aussie petrol prices hit all-time high across capital cities – here are the reasons why
Petrol prices have reached record highs in major capital cities, with the price spike driven by rising wholesale costs, high oil prices and a weak Australian dollar.
The national average one-day price for Unleaded 91 was $2.17 on Friday, according to new data from Compare The Market.
But average prices in Melbourne, Brisbane and Adelaide were actually above that record level.
The previous high-watermark price was reached in September last year.
The sky-high price is a daily benchmark, not an overall average for the week or month.
The national average one-day price for Unleaded 91 was $2.17 on Friday, according to new data from Compare The Market. But average prices in Melbourne, Brisbane and Adelaide were actually above that record level
“Motorists may see these high prices at gas stations across the country and blame the retailers, but there is much more going on behind the scenes,” said Compare The Market spokesman Chris Ford.
Analysis by Compare The Market shows a spike in the bowser price in Adelaide dragged the national average into uncharted territory on Friday.
“On Wednesday the Adelaide city average was just under $1.92 per litre, but it rose to 2.10 on Thursday and back to $2.25 on Friday,” Compare The Market spokesperson Chris Ford said.
The price spike is attributed to rising wholesale costs, high oil prices and a weak Australian dollar
“This spike, along with the high retail prices our other cities are also seeing, has caused such a dramatic increase in the national average.”
Perth has a metronomic weekly price cycle. Adelaide’s cycle was relatively less consistent, but prices and the national average in Adelaide were expected to fall in the coming days, Ford said.
“Motorists may see these high prices at gas stations across the country and blame the retailers, but there is much more going on behind the scenes,” Ford said.
Some wholesale prices rose 14 percent to $1.88/l, he said.
“We also know that when the Australian dollar loses ground against the US dollar, it can impact prices at the pump.
‘Oil prices are also rising as a result of conflicts in the Middle East. Oil prices are not far behind the highs we saw last September, which could be why we are now seeing national average retail price records being broken,” Ford said.
“Oil prices are not far behind the highs we saw last September, which could be why we are now seeing national average selling price records being broken,” Ford said.