Chrissy Harris

Bowser shock! Biggest petrol price spike for 25 years

LOW petrol prices are set to be a distant memory as motorists face the biggest petrol price jump in nearly 25 years

According to a report from market researcher CommSec, what is already the single biggest weekly purchase for most families, has jumped to on average 30c more per litre than prices at the start of the year.

CommSec chief economist Craig James said this added an extra $21 to the cost of filling up an average sedan.

"The key unknowns are how many families adjusted their budgets to the lower petrol prices operating earlier this year and how many are still working on the higher pump prices in operation over 2014," he said.

Check out the gallery below to see how much you paid for fuel in the past year
(Click to open in full screen)

 


Mr James said pump prices were set to rise a little further in coming weeks, based on higher Singapore gasoline prices and domestic wholesale petrol prices.

CommSec estimates the price of petrol has lifted 13.1 per cent in the second quarter of the year, which if it continues until the end of the month, will mean the biggest quarterly increase since December 1990.

According to the Australian Institute of Petroleum, the national average Australian price of petrol rose by 3.7 cents per litre to 142.1 cents per litre in the week to June 14.

The metropolitan petrol price rose by 4.9 cents to 143.4 cents per litre and the regional price rose by 1.3 cents to 139.5 cents per litre.
 

What do you think about the price of petrol?

This poll ended on 19 July 2015.

Current Results

Too much, it's not fair for a necessity to be so expensive

90%

About right, everything always goes up in price

5%

Not enough, we need to be driving less to help the environment

3%

I have never paid for fuel

0%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.


Last week the metropolitan price rose by 0.2 cents to 131.9 c/l, while the regional average price lifted 1.0 cents to 135.5 c/l.

In the report Mr James said global crude oil prices remained volatile, but were well above the lows set earlier this year.

"While the world is well supplied with fuel, global economies are strengthening," he said.

"Overall, crude oil seems to be settling near US$60-70 a barrel. Retailers received a boost earlier in 2015 from lower petrol prices, but the upward trend for pump prices suggests that consumers will return to their practice of value-shopping."

Mr James said if the higher petrol price crimps consumer spending, the Reserve Bank may have to re-introduce the easing bias for monetary policy.


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