Petrol prices in record monthly rise, says RAC

Petrol prices in record monthly rise, says RAC

According to the Australian Competition and Consumer Commission (ACCC), average petrol prices in Sydney, Melbourne, Brisbane, Adelaide and Perth remained broadly stable in the March quarter however since April concerns about risks to global crude oil supplies have caused worldwide oil prices to jump, impacting local retail petrol prices.

Average gross retail margins have fallen compared to the previous quarter by 1.8 cents per litre to 12.4 cents but still remained well above the real long-term average of 8 cents per litre since the ACCC began monitoring petrol stations in 2002. The main reason for the higher crude oil prices is the sustained production cuts by the Organization of the Petroleum Exporting Countries (OPEC).

The cost of unleaded petrol has jumped 5.1 per cent to an average 142.5 cents a litre in most capital cities in the past three months, a survey by comparison website comparethemarket.com.au found.

Shaw and Partners analysts forecast the oil price to gain strength over the next 18 months, which is likely to flow onto the bowser.

Drivers feeling the pinch of high petrol prices should use price cycle information and fuel price websites and apps to shop around, as petrol prices in some cities reached their highest levels in nearly four years in May.

The Council for Social Services in the Northern Territory wants to see the NT Government giving those on lower incomes discounts for other expenses, such as electricity bills.

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Fuel prices in India are on a decline, though marginally.

"It is important for government to think outside the box when it comes to easing cost of living pressures on Territorians".

Notably, in the 16 days of hike, petrol prices had risen by more than Rs 3.7 in the four metros.

Motorists are copping increasing costs at the petrol pump.

"The MyFuelApp is an opportunity for increased transparency and that should be welcomed, but looking at the data it has actually shown that prices haven't gone down", said Mr Pilbrow.

"These prices are higher than any time since mid-2014 in some cities", ACCC Chairman Rod Sims said.

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