Australians are expected to come out of pocket in the Bowser as gasoline prices skyrocket, with an urgent warning that will come much worse this week.
Gasoline prices in capitals are expected to reach record levels and one expert warns that “the worst is yet to come.”
NRMA’s Peter Khoury issued the grim warning Thursday morning while speaking with Sunrise.
“It’s terrible and it will get worse,” he said.
“Unfortunately, we are really worried that the worst is yet to come and as you travel the country (prices) in all the capital cities are heating up and sadly almost all of them are likely to break a record over the next week or so. so.
“We are preparing for the worst in Sydney in the coming days.”
In Sydney, prices have skyrocketed by more than 10 hubs per liter in just three days, which is a huge shock to drivers after record lows during the pandemic.
Khoury predicts that the cost of filling will exceed $ 1.70 per liter in Sydney.
“It is particularly challenging for families coming out of lockdown,” he said.
“You can finally get in the car, get out and drive and, unfortunately, what we’ve found is these dramatically rising prices.”
The rise in prices is the result of world oil prices that have caused the cost of filling to skyrocket.
Mr. Khoury explained that oil prices have risen steadily throughout the year.
On Monday, US crude rose more than two percent to a seven-year high of $ 81.50 (AU $ 111) a barrel.
That increase means that since the end of last October, the cost has skyrocketed by more than 120 percent.
The last time oil exceeded $ 80 (AU $ 109) a barrel was in October 2014.
But oil prices are not the only culprits. Some companies are likely trying to recoup revenue lost from a dramatic drop in road users during the height of the pandemic.
“There are more cars on the road and we are already seeing it in Sydney. Victoria is not far behind (but) we want to see these margins because families are suffering and we want people to get back on the roads, ”Khoury told the program.
“We want people to spend money on the local economy and not on the bowser.”
Sydney, Brisbane and Melbourne are the three cities with the most expensive average gasoline prices.
More than a quarter of all fuel retailers in Brisbane sell gasoline for $ 1.80 a liter. The citywide average is about $ 1.68.
Nationally, that figure averages 1.45 cents a liter without lead so far this year. That’s well above 122.9 cents per liter last year.
Finder’s Consumer Sentiment Tracker revealed that 12 percent of people say gasoline is one of their most stressful expenses.
The consumer watchdog monitors gasoline prices, which were largely determined by global factors.