Australian motorists are facing the threat of record high petrol prices persisting for weeks as a global oil supply crunch and military tensions in Ukraine contribute to the alarming fuel costs being felt by households and businesses.
“When you get an increase in the price of oil, it gets passed through to every business and every consumer – that’s why price increases in oil act like an increase in taxes.” However, monitoring by the NSW-based National Roads and Motorists Association has revealed nearly 40 per cent of Sydney petrol stations had pump prices above a record $1.80 a litre.In Melbourne, the average unleaded price per litre has also edged 7 per cent higher this month, from $1.51 to $1.62.
Meanwhile, members of the Organisation of Petroleum Exporting Countries have continued to produce less oil than pledged under increased output target levels.CommSec senior economist Ryan Felsman has also pointed to geopolitical tensions, including the threat of Russia invading Ukraine, that has “increased concerns about an already-tight supply outlook”.since 2014, the Australian Bureau of Statistics reported earlier this week, along with the rising cost of building new homes.
“Whilst the world is experiencing high oil prices, data from the Australian Petroleum Statistics indicate Australia has among the lowest prices in 2021 of all OECD countries.”
NickToscano1 REcord Prices are Everywhere in Australia now,and they'll get worse much worse . The masses are in for A hiding. Many will lose their Homes as House Prices Crash and And Interest Rates Increase . May be not as high as we had it in 86 i think it was at 17.95%
NickToscano1 Shld come back down once we get rid of Scummo
NickToscano1 Petrol rising under a Liberal Government that can’t be right only labour put the prices UP…!
NickToscano1 the quickening ,the quickening is the mythical time when bad news came faster than the ability to keep up ,
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