Petrol prices could hit up to $2.15 a litre soon, so perhaps it’s time to whip the ‘ol roller skates out of storage and abandon your car.
At the moment, petrol prices are (relatively) low in certain Australian cities ‘cos they’re at the bottom of their fuel cycles.
Alas, that’s likely to change. The government’s fuel discount ended on September 28. According to the ACCC, petrol prices in Syd, Melbs, Brissy and Adelaide then decreased between September 28 to October 5.
Twas a good time to hop onto the ‘ol pump, it seems.
The price of petrol is soon set to rise again thanks to a combo of the fuel cycle and the excise coming back.
The national average wholesale petrol price last week rose to 170.7 cents per litre, while the average retail price was 182.5 cents per litre, per the Australian Institute of Petroleum.
As reported by the ABC, stockbroking firm CommSec’s chief economist Craig James said local petrol pump prices are falling in Syd, Melb and Brissy ‘cos of the discounting cycle. And because cycles are, well, cyclical, costs will creep back up.
“The cycle will end in the next fortnight with the risk that prices could spike at $2.15 a litre,” he said in a note to investors.
According to James, the “fair” price of fuel would be about about $1.90 a litre. So like… very marginally better.
This is one of the many, many reasons I feel extremely blessed to live very close to a bus stop.
Apologies to everyone who needs to drive around at least once a day scream-singing to Phoebe Bridgers songs. Dark times lie ahead.
In short: rent is cooked, wages aren’t getting any higher, the weather is terrible, and now it’s potentially going to cost a load of money to fill up your shitty Toyota.
And undoubtedly my Great Aunt is going to spend the next family dinner telling me about “how easy” young people have it.
