Australian petrol prices hit record highs

Australian petrol prices hit record highs
Australian petrol prices hit record highs

Australian drivers are feeling the pinch with petrol prices hitting a national average of 204.4 cents per litre, the highest since Russia’s invasion of Ukraine. This also marks the fifth consecutive week that petrol prices have remained above $2 per liter in most capital cities.

According to the Australian Institute of Petroleum (AIP), petrol prices have been rising steadily over the past month, with average weekly prices above $2 per litre.

Average fuel prices vary in different regions of Australia. In the Australian Capital Territory, the average weekly petrol price in Canberra is 205.1 cents per litre, while the average prices in Sydney and Adelaide are 218.4 and 187.8 cents respectively. Darwin, in the Northern Territory, has the highest regional average price, at 240.7 cents per litre.

The reasons behind high gasoline prices include hardening global crude oil prices and a weak Australian dollar. The decision by OPEC+, led by Saudi Arabia and Russia, to extend oil production cuts has resulted in a decrease in supply and higher oil prices.

To find the cheapest gas near you, it is recommended to compare prices using fuel pricing apps or take advantage of fuel deals through supermarkets and rewards programs.

Sources: Australian Petroleum Institute, Australian Competition and Consumer Commission.

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