Gasoline prices have hit record highs in major capitals, with the price rise being driven by rising wholesale costs, high oil prices and a weak Australian dollar.
The national single-day average price of 91 unleaded hit $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 mark.
The previous maximum price was reached in September last year.
The sky-high price is a daily benchmark, not an overall average for a week or month.
The national single-day average price of 91 unleaded hit $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 mark.
“Motorists may see these high prices at fuel stations across the country and blame retailers, but there’s a lot more going on behind the scenes,” said Compare The Market spokesman Chris Ford.
Compare The Market analysis shows a rise in the Bowser price in Adelaide dragged the national average into uncharted territory on Friday.
“On Wednesday, the Adelaide citywide average was just under $1.92 a litre, but it shot up to $2.10 on Thursday and up to $2.25 again on Friday,” the Compare The spokesperson said. Market, Chris Ford.
The rise in prices has been attributed to rising wholesale costs, high oil prices and the weakness of the Australian dollar.
“This increase, along with the high retail prices our other cities are also experiencing, is what caused such a dramatic increase in the national average.”
Perth has a metronomic weekly price cycle. The Adelaide cycle was relatively less consistent, but Adelaide prices and the national average were expected to fall in the coming days, Ford said.
“Motorists may see these high prices at gas stations across the country and blame retailers, but much more is happening behind the scenes,” Mr Ford said.
Some wholesale prices have risen 14 percent to $1.88 a liter, he said.
‘We also know that when the Australian dollar loses ground against the US dollar, it can affect prices at the pump.
‘Oil prices are also rising due to the conflict in the Middle East. “Oil prices are not far off the highs we saw last September, which could be why we are now seeing those national average retail price records being broken,” Mr Ford said.
“Oil prices are not far off the highs we saw last September, which could be why we are now seeing those national records for average retail prices being broken,” Mr Ford said.
