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Pump it up: Petrol prices surge back over $2 as Russia fears lift, dollar falls

Business

Higher interest rates were not the only bill shock Australian were facing with petrol prices heading back towards $2 a litre.

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A fall in the Australian dollar has been a big factor but there are also more concerns about the impact of bans on Russia.

The increase follows a hike in interest rates that will further impact savings.

Petrol was selling at one station north of Brisbane at $2.17 a litre over the weekend and the average price on the Gold Coast today was $2.15. Brisbane was better today at $1.93, while Rockhampton was $1.85, Townsville $1.84, Cairns $1.89.

The price has trended down since the Federal Budget in April in which the Government cut the fuel excise for a six-month period to help motorists, but it has started to climb again.

CommSec said the Australian Institute of Petroleum data showed the national average unleaded petrol price rose by 5.4 cents a litre last week to a six-week high.

“Motorists across Australia received a rude shock in the past week with petrol prices lifting sharply and Sydney motorists were particularly hard hit.

“Today some retailers are charging near $2.20 a litre.

“With the wholesale price at $1.80 a litre and assuming gross retail margins near 15 cents a litre, pump prices should be closer to $1.95.

“But certainly the weaker Aussie dollar is not doing motorists any favours, pushing up the local cost of imported fuel.”

China’s zero-Covid strategy and the proposed European Union ban on Russian oil are the key influence on the global oil market.”

 

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