Gasoline prices skyrocket 49c overnight in Melbourne to astronomical heights just hours after Dan Andrews announced an end to lockdown
- Unleaded petrol prices rise 49 cents in last 24 hours in Melbourne
- High prices come hours after Victorian Premier announces end of lockdown
- Experts believe more gas stations can continue to raise gas prices
- Drivers are encouraged to shop around to find the best petrol price
Motorists were shocked to find petrol prices in Melbourne skyrocketed by 49c as they woke up to their first day free from lockdown.
Unleaded fuel reached an average peak of 176.9c per liter and an average of 164.8c on Wednesday morning.
The price hike was hours after Prime Minister Dan Andrews lifted the lockdown and allowed Victorians to travel more than 3 miles.
Unleaded petrol prices have peaked at 176.9 cents a liter in Melbourne as Victorians are back on the road after the lockdown has been lifted (stock image)
Experts believe more gas stations will continue to raise prices as data showed a price increase every day leading up to the end of the lockdown.
Last week, the state auto club and inter-state organization, unleaded gasoline averaged 145.1 cents per liter, according to RACV data.
“As there is a clear upward trend in prices, RACV recommends that drivers refuel at stations that still offer lower prices, as this trend could continue as the lockdown lifts,” said RACV’s Andrew Scannell.
The Australian Competition and Consumer Commission agreed, urging motorists to look for the best petrol price.
Experts urge motorists across the state to shop for the best gas prices as the trend could continue if the lockdown is lifted
Geoff Trotter, general manager of Fueltrac, a petrol price monitoring service, told the Herald Sun the sudden price hike was a clear money grab to exploit Victorians emerging from lockdown.
“There is no correlation between the price increase in Melbourne’s petrol stations by almost 50 cents a liter in recent days,” he said.
“Nothing has happened to the international oil price or the exchange rate that could possibly justify such an increase.
“It’s amazing how quickly they can coordinate these price movements. It takes them weeks to get the price down, but they can get the prices up remarkably fast.’
The cheapest prices currently found in Melbourne are seen in the suburbs of the city within the 133.3c to 138.3c per litre price range.