Fill up now! Gasoline prices will increase by up to 20 cents per gallon. liters in just DAYS as expert warns drivers to grab a bargain while they can
- Australians are bracing for a rise in petrol prices over the coming days
- The advice from the NRMA is to stock up now, before prices rise between 15-20 øre
- On Tuesday, there was a sale price of 172 øre a liter for regular unleaded
Motorists are encouraged to fill up as soon as possible – with petrol prices expected to rise significantly over the coming days.
The NRMA issued the advice, warning motorists that because the nation was sitting at the bottom of the petrol price cycle, motorists could expect to see an increase of between 15 and 20 cents.
Across Sydney on Tuesday, there was a retail price of 172 cents a liter for regular unleaded – well below the wholesale price.
But NRMA spokesman Peter Khoury said the cheap prices would not last.
“We’re actually getting a pretty good deal right now,” Mr. Khoury said 9 News.
‘It’s important for people to get the most out of it…unfortunately those prices will only go up.’
Motorists across Sydney are being urged to fill up as soon as possible – with petrol prices expected to rise significantly over the coming days
Peter Khoury (pictured) from the NRMA said: ‘It’s important for people to get the most out of it…unfortunately those prices will only go up’
According to the Australian Institute of Petroleum’s weekly report, fuel prices fell slightly last week, despite expectations that the reintroduced fuel tax would start to flow through.
That saw the average retail price across the country fall by 3.9 cents last week to 178.6 cents a litre.
According to a report from the Australian Institute of Petroleum, fuel prices fell slightly last week despite expectations that the reintroduced fuel tax would start to flow through
Across Sydney, Canberra, Melbourne, Brisbane, Adelaide and Perth, unleaded prices fell, while prices in Darwin and Hobart rose.
CommSec’s Craig James said some of the dealers were charging less than cost – which would not be sustainable in the long term.
The former Morrison government brought in a discount on fuel duty earlier this year to save motorists some money after the Russian invasion of Ukraine forced oil prices to skyrocket.
But the saving of 22 cents per liters were cut on September 29, with gas stations slowly working through their discounted fuel.
James said he suspected the Australian Competition and Consumer Commission’s monitoring efforts were preventing petrol stations from raising prices unnecessarily high.
Treasurer Jim Chalmers suggested the consumer watchdog keep an eye on retailers when fuel duty was reintroduced last month.
The expiration of the fuel tax rebate is expected to add more than 20 cents to the price at the pump as retailers work through their supplies of discounted fuel
Dr. Chalmers said he hoped the country could avoid a recession because of its strong economic fundamentals.
Upon his return from Washington DC, Dr. Chalmers that the global economy was on a ‘dangerous path’ when it came to the prospect of another global downturn.
He told reporters in Canberra on Monday: ‘It is our hope that Australia can avoid a recession.
“We have low unemployment, we have relatively solid growth, relatively solid demand.
“We have good prices … for our raw materials around the world with a positive impact on the budget.”
However, he suggested the nation would not be ‘completely spared another global downturn’.
Treasurer Jim Chalmers said he hopes the country can avoid a recession because of its strong economic fundamentals