There may be relief in sight.
In the week of 15th – 21st October, petrol prices hit a national average of $1.59 a litre – the highest since the 2008 Financial Crisis.
The ten-year high comes as Sydney prices hit $1.65 per litre last week and Melbourne peaked at $1.66 the week before that. There have also been reports of prices skyrocketing to $1.90 in some rural parts of the country.
Commsec chief economist Craig James told the Sydney Morning Herald that the rising prices were hitting Australian families hard.
“Filling up the car with petrol is now the single biggest weekly purchase for most families,” he stated.
According to Financial Review, the current state of the Aussie dollar, fluctuations in oil prices, and Australian taxes are some of the leading causes behind the sudden price influx.
The increase has also been blamed on petrol stations unfairly profiteering, with ACCC reports finding that retailers are adding 10c-20c per litre to the already high price.
According to the Sydney Morning Herald, there may be some relief ahead should the Aussie dollar strengthen over the next few weeks.
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Written by Kate Stevens
Images: Getty
