“(The price) is starting to fall a bit,” he said.
“They won’t fall much, unfortunately, because the wholesale price in Australia right now is the highest it’s been since the (2008 global financial crisis).”
While motorists in Melbourne, Sydney, Brisbane and Adelaide will enjoy a slight dip in price, Mr Khoury said “the pain continues” for other Australian towns and cities.
Mr Khoury said Aussie motorists were being slugged with the highest prices in “at least the last seven or eight years”.
This was because global petrol supply
had not met demand since the world had come out of the coronavirus lockdown, he said.
“There is no end in sight, certainly not for the next three or four weeks.”
Mr Khoury said prices could fall in November, when OPEC is scheduled to increase oil production
“But even then, the numbers they’re talking about, 400,000 barrels of oil, it’s not going to be enough to meet these record high levels of demand.”