Australians are experiencing unprecedented fuel prices as a result of a combination of a weak Australian dollar and escalating crude oil costs. The latest figures indicate that the average cost for 91 octane unleaded fuel across Melbourne, Sydney, Brisbane, Adelaide, and Perth has reached 217.92 cents per liter, surpassing the previous record. Brisbane residents are encountering the steepest prices, with costs up to $2.35 per liter. In contrast, Perth offers the lowest average price among the major cities at $1.94 per liter.
According to Compare the Market, several factors contribute to this surge, including a significant rise in wholesale prices and the influence of international crude oil prices, which have been affected by conflicts in the Middle East. Chris Ford from Compare the Market advises against attributing the price increase solely to retailers, pointing out the broader economic and geopolitical influences at play.
Source: theguardian.com