The pain at the pump is only set to get worse, experts predict, following a quarter that has already seen Australia’s highest petrol prices on record.
A report due to be released tomorrow is expected to show prices increased about 7 per cent in the September quarter, as global factors continue to drive costs up.
This may come as a shock as although short-term data provided by the Australian Competition and Consumer Commission (ACCC) shows petrol prices have trended down over the past month in most Australian cities, the longer-term data is not expected to paint such a positive picture.
Further, prices were already strained following the COVID-19 pandemic and the Russian invasion of Ukraine, and now surging oil demand in the Middle East, as the Israeli occupation of Palestine intensifies, is about to add to that pressure.
Speaking to media, Federal Treasurer Jim Chalmers said they were expecting upwards global trends to be reflected here in Australia.
“While inflation is moderating overall, it’s more persistent globally and so it will be more persistent here as well – and we expect to see some of this reflected in the quarterly inflation figures this week.
“Whether it’s global cuts to oil production, the war in Ukraine or the conflict in the Middle East, the challenges coming at us from around the world are being felt around the kitchen tables of hardworking Australians.”
Chalmers said that whereas the situation in Gaza wouldn’t have impacted the September numbers the shock is predicted to be felt in the coming months. So if you’re looking to fill up, you might just have to bite the bullet and head to the pumps.
