Petrol prices are on track for their largest three-month rise in nearly a quarter of a century.
Figures from the Australian Institute for Petroleum, published by CommSec, show the pump price has risen 13.1 per cent so far in the June quarter.
With the refinery price in Singapore still rising, CommSec warned local petrol prices still have further to increase, putting them on track for their biggest three-monthly rise since the December quarter of 1990.
The good news for consumers is the 13.1 per cent gain so far this quarter is only wiping out the 12.2 per cent fall over the first three months of the year.
CommSec chief economist Craig James said motorists were still better off than they were this time last year.
“It’s still lower than what we were paying 12 months ago, but it has certainly retraced a long way in a very short space of time, so we have had a very significant snapback,” he said.
In its weekly look at the fuel market, CommSec found petrol prices rose an average of 3.7 cents to 142.1 cents per litre over the week to Sunday.
It was city motorists bearing the brunt of the latest price rise, seeing a 4.9-cent rise to 143.4 cents per litre, while those in regional areas saw prices rise an average 1.3 cents to 139.5.
Darwin had the cheapest unleaded petrol of all the capitals, averaging 135.1 cents per litre, while Brisbane and Melbourne had the highest prices at 147.2 and 146.1 cents per litre respectively.
The key Singapore gasoline price jumped about 6 per cent last week, and has risen from a near six-year low of $US52.20 in mid-January to $US85.90 last week.
Extracted in full from ABC.