Australian motorists are feeling the pinch with petrol prices reaching a national average of 204.4 cents per litre, the highest since the aftermath of Russia’s invasion of Ukraine. This has also marked the fifth consecutive week where petrol prices have remained above $2 per litre in most capital cities. According to the Australian Institute of Petroleum (AIP), petrol prices have been steadily increasing over the past month, with average weekly prices remaining above $2 per litre.
Average fuel prices vary across different regions in Australia. In the Australian Capital Territory, the average weekly petrol price in Canberra is 205.1 cents per litre, while average prices in Sydney and Adelaide are 218.4 cents and 187.8 cents respectively. Darwin, in the Northern Territory, has the highest average regional price at 240.7 cents per litre.
The reasons for the high petrol prices include tightening global crude oil prices and a weak Australian dollar. The decision made by OPEC+, led by Saudi Arabia and Russia, to extend oil production cuts has resulted in decreased supply and higher oil prices.
To find the cheapest fuel near you, it is recommended to shop around using fuel price apps or taking advantage of fuel deals through supermarkets and rewards programs.
Sources: Australian Institute of Petroleum, Australian Competition and Consumer Commission