Petrol prices hit seven-year high, show no signs of easing

The cost of fuel has skyrocketed since the beginning of the coronavirus pandemic.

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Petrol prices in Australia’s capital cities climbed to an average of 172.4 cents per litre (95 octane) in October 2021 – the highest since 2014, when adjusted for inflation – according to a new report from the Australian Competition and Consumer Commission.

While prices had plummeted to record lows at the onset of the pandemic almost two years ago, the report reveals the cost of fuel in Australia has risen steadily since November 2020.

In November 2021, motorists were, on average, paying 48.0 cents per litre

more than they had been 12 months prior for petrol.

“Many people are rightly upset about the pressure that the current high petrol prices are putting on their household budget. It is important to understand that this is predominately due to higher international prices and the actions of the OPEC cartel,” said the Chair of the ACCC, Rod Sims.

“The OPEC cartel’s restriction of oil production is ultimately causing Australian motorists to pay very high prices for petrol at the moment … We will continue to keep a very close eye on the petrol market, and now that the international refined petrol price has started falling, we expect to see retail prices here do the same.”

Earlier this year Drive reported petrol had eclipsed $2.00 per litre at some Sydney fuel stations for the first time.

For an in in-depth explanation of the factors which influence fuel prices locally click here.

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