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Petrol prices in Melbourne and Sydney are rising despite the corona virus and oil prices should lower costs

Australians are being ‘ripped off’ at the bowser and should pay much less for gas because oil prices are falling due to the deadly corona virus, expert claims

  • Fuel costs in Melbourne and Sydney have risen despite falling oil prices
  • Melbourne sells $ 1.73 per liter for lead-free while Sydney sits at $ 1.54 per liter
  • Chief economist said coronavirus should have seen prices fall to $ 1.30 per liter
  • NRMA Peter Khoury encouraged motorists to take advantage of the fuel cycle

Drivers across Australia should pay around $ 1.30 per liter for fuel after the outbreak of the corona virus, an expert has claimed.

Dr. Shane Oliver, chief economist at AMP Capital, described the price increase as a “rip-off” and that they should be at least 40c cheaper.

Melbourne has fuel prices of $ 1.73 per liter for unleaded, while prices in Sydney and Brisbane are $ 1.54 per liter.

Dr. Oliver said there was “no logical reason” for the price increase and that fuel would cost around $ 1.30 per liter.

‘It’s a bit of a rip off, the way the price goes up and down. I have trouble explaining it, “he told 3AW.

Dr. Oliver said there was “no logical reason” for the price increase and that fuel should cost around $ 1.30 per liter (inventory)

Melbourne is currently undergoing fuel prices of $ 1.73 per liter for lead-free (stock image)

Melbourne is currently undergoing fuel prices of $ 1.73 per liter for lead-free (stock image)

Melbourne is currently undergoing fuel prices of $ 1.73 per liter for lead-free (stock image)

“If you go back to Melbourne a few weeks, it looks like the average price was around $ 1.30, and then of course it went up to $ 1.70 in the last couple of weeks.

“There is no logical reason why we moved up at a time when the coronavirus depressed global oil demand and pushed down the prices of oil and presumably gasoline.”

Fuel prices around the world have all plummeted after the fall in fuel and oil prices. Oliver said that Australia was deteriorating.

“Look at the figures about traffic jams in China, they have almost disappeared … that means a huge reduction in the demand for oil worldwide and that has consequences for us in Australia, and that should turn out to be lower gasoline prices, but we have not really seen that. ”

NRMA spokesperson Peter Khoury told Daily Mail Australia that it is always important to take into account the fuel cycles with which the country works.

“We expect prices in Sydney, Melbourne and Brisbane to fall to less than $ 1.30 per liter,” he said.

“Just a few days ago, Adelaide had the cheapest gas prices of $ 1.22 per liter and we hope the other big cities can achieve that.”

He suggested that motorists refuel at the bottom of the cycle and “use it to their advantage” before fuel prices rise a few days (stock)

Khoury agreed with Dr. Oliver that the corona virus has hit one of the world’s largest markets, which in turn controlled fuel prices.

“Entire cities in China that are in exit mode,” he told Daily Mail Australia.

“It affects demand and world prices, but we should see prices fall rapidly in the cycle.”

He suggested that motorists refuel at the bottom of the cycle and “use it to their advantage” before fuel prices rise for a few days.

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