The price rise is expected to hit by December.
Petrol prices hit a whopping $1.90 in some parts of NSW on October 7th, despite warnings from authorities about the effects of inflated petrol prices.
The Financial Review reports that petrol prices are rapidly climbing to the $2 a litre mark with some parts of the country only 10c off the extortionate figure.
This comes despite the Australian Competition and Consumer Commission warning petrol retailers about “taking advantage” of the current economic climate, with their petrol price reports showing that retailers are adding 10c-20c to the already high price to maximise profits.
According to the Financial Review, the profiteering of retailers isn’t the only factor pushing the price of petrol up with the current state of the Australian dollar and fluctuations in oil prices being listed as other major factors.
Currently, average petrol prices in Australia are at a four-year high at $1.45 a litre in the June quarter. However, the Financial Times predicts that that average could creep to $1.80 for regular unleaded by the time Christmas rolls around.
Prices for premium unleaded are expected to easily reach $2 a litre by December.
In the midst of price increases, over 40,000 Australian’s are planning to boycott petrol stations later this month. Read all about that here.
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Written by Kate Stevens
Images: Getty
