Petrol prices have reached record highs in major capital cities, with the price rise a result of rising wholesale costs, high oil prices and a weak Australian dollar.
The one-day national average price for unleaded 91 reached $2.17 on Friday, according to new data from Compare The Market.
But average prices in Melbourne, Brisbane and Adelaide were actually above this record level.
The previous record price was reached in September last year.
The exorbitant price is a daily reference and not a general average for the week or month.
The one-day national average price for unleaded 91 reached $2.17 on Friday, according to new data from Compare The Market. But average prices in Melbourne, Brisbane and Adelaide were actually above that record level.
“Motorists may see these high prices at gas stations across the country and blame retailers, but there is a lot more going on behind the scenes,” said Chris Ford, a spokesman for Compare The Market.
Comparison Analysis The market shows that a rise in the price of Bowser in Adelaide on Friday took the national average into uncharted territory.
“On Wednesday, the Adelaide city average was just below $1.92 per liter, but it rose to $2.10 on Thursday and again to $2.25 on Friday,” said Chris Ford, spokesperson. word from Compare The Market.
The price surge has been blamed on rising wholesale costs, high oil prices and a weak Australian dollar.
“This increase, along with the high retail prices our other cities are also experiencing, is responsible for such a dramatic increase in the national average.”
Perth has a metronomic weekly price cycle. Adelaide’s cycle has been relatively less consistent, but Adelaide prices and the national average are expected to fall in the coming days, Mr Ford said.
“Motorists may see these high prices at gas stations across the country and blame retailers, but there is much more going on behind the scenes,” Ford said.
Some wholesale prices jumped 14 percent to $1.88/L, he said.
“We also know that when the Australian dollar loses ground against the US dollar, it can impact prices at the pump.”
“Oil prices are also increasing due to the conflict in the Middle East. Oil prices are not far from the highs we reached last September, which may explain why we are seeing national records for average retail prices being broken today,” Ford said.
“Oil prices are not far from the highs we saw last September, which may explain why we are now seeing national records for average retail prices being broken,” Mr. Ford said.
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