Fuel prices set to rise even further in Australia
Australians are experiencing more pain at the fuel pump as prices stay well above $2 a litre, with predictions things could be about to get even worse.
The average price of a litre of unleaded petrol hit a whopping $2.10 in Sydney on Thursday, putting it near the all-time record of $2.18.
In Melbourne, the most expensive fuel on sale on Thursday came in at a staggering $2.30 a litre, according to data from the RACV.
It’s not just cities that are feeling the pinch, with the national average sitting at more than $2 a litre for four weeks in a row, the Australian Institute of Petroleum says.
There are signs prices could continue to climb over the coming weeks after many oil-producing countries agreed to slow production in a bid to ramp up profits.
Surging fuel costs are yet another kick in the teeth for Australians doing it tough in a cost of living crisis, with other daily essentials like groceries also soaring in price.
“Petrol pain continues to have a negative impact on Australian families, with high prices adding to Australia’s inflationary pressure and hurting family budgets,” NRMA spokesman Peter Khoury said.
Experts pinned the blame for the soaring costs on factors such as the falling Australian dollar and the ongoing war in Ukraine.
Motorists were advised to shop around for the cheapest fuel prices in their area, with many online databases displaying real-time information regarding petrol costs.
Other tips for saving fuel include removing unnecessary weight from your vehicle, making sure it is serviced regularly and avoiding harsh breaking or rapid acceleration when driving, according to the NRMA.