Money & Banking
“Fill up now”: Petrol prices continue to skyrocket
Petrol prices have continued to rise by at least 30 cents a litre across Sydney and will continue to rise before eventually falling as little as one cent per day.
“This time next week won’t be fun,” NRMA’s Peter Khoury told news.com.au on Saturday morning.
The average price for regular unleaded in Sydney on Saturday was $1.45 per litre but motorists should “fill up now” before it rises even further.
“They should have probably filled up earlier,” he said.
The NRMA spokesman said there was a good spread of prices across the city and encouraged drivers to do their research “but do it now”.
“We’re looking at another 20 cent jump in the average price in Sydney,” he said.
“It’s going from to $1.37 (from 48 hours ago) to $1.66 per litre.”
The average price for regular unleaded is expected to reach $1.66 by early to mid next week, according to NRMA’s Khoury.
“At the moment, even though it’s going up, it’s better than it’s going to get,” he said, noting the slow fall could be “a cent per day”.
“Sydney, Brisbane, Melbourne, Adelaide and Perth all fluctuate because they have price cycles,” he said.
The rise is as a result of the price cycle going up as well as “what happened overseas” in Saudi Arabia.
The drone and missile attacks on Saudi oil infrastructure on the 14th of September knocked 5.7 million bpd (5%) of global oil supply, but the country was said to have restored 75 per cent of the production that was lost in the attacks.