Perth motorists are being urged to fill up with fuel today if they can, with the average fuel price in the city set to reach a record high – and stay high for the next fortnight.
The last highest average price was 182.4 cents per litre recorded on November 3 and 17 last year, according to FuelWatch.
And from 6am on Wednesday, the average price of regular unleaded petrol will increase by 27 cents per litre to 184.2 cents.
Prices at BP are rising by up to 39 cents, to 196.9, Caltex/Ampol and Coles Express will head up to 193.9, Puma up to 193.7, Caltex Woolworths up to 191.9, 7-Eleven up to 189.9 and Vibe up to 189.7.
Despite the average hike tomorrow, there are still 34 individual sites offering prices below 154 cents, so consumers should check the FuelWatch website to find the lowest price in their area.
Buying fuel from the cheapest site rather than the most expensive, a difference of 46 cents, means motorists can potentially save $27 on a 60 litre tank.
Tuesday’s cheapest ULP is available for:
– 149.7 cents at 7-Eleven Brabham in the East;
– 150.7 cents at Costco Perth Airport (membership required) and 151.5 cpl at Caltex Woolworths South Lake in the South; and
– 149.7 cents at Puma Dayton in the North.
Wednesday’s cheapest ULP will be available for:
– 153.5 cpl at Vibe Upper Swan IGA Xpress in the East;
– 150.7 cpl at Costco Perth Airport (membership required) and 151.9 cpl at Liberty Gosnells in the South; and
– 152.5 cpl at Liberty Banksia Grove and Liberty Landsdale in the North.
Fuel Watch manager Ben Derecki said the COVID-19 Omicron variant worldwide spread November and December initially saw the demand and cost for fuel drop.
“But since the start of this year we started to see international prices increase again because everybody was learning how to manage Omicron and how to work with it,” he told The West Australian.
“The economy had started opening up again, travel and manufacturing started increasing and so we’ve got this increased demand for fuel but at the same time we don’t have an increasing supply to meet that demand.
“There’s also a significant amount of certainty going on in Europe at the moment over the Russia and Ukraine tensions and that generally creates a little bit of hesitation and drives up prices in markets too.”
Russia is he second highest oil producer in the world, closely following the United states, while Ukraine is a key energy transit hub for Russia’s natural gas supply flow.
U.S. sanctions over any conflict and invasion of Ukraine could severely disrupt that supply.
Many petrol stations were packed out with cars on Tuesday afternoon, with the Scarborough Beach Road Caltex in Osborne Park reaching lines of up to a dozen cars per bowser.
RAC Manager Vehicles and Fuels Alex Forrest said this was another blow to household budgets, which are already under pressure from the rising costs of living.
“Motorists have been under the pump for months due to rising petrol prices and the change to Perth’s fuel cycle from weekly to fortnightly, which is making it more difficult to fill-up on cheap days,” he said.
“Fuel is a constant and unavoidable expense for most households and it’s time fuel retailers put Western Australians first instead of boosting their bottom lines.”
Mr Derecki said petrol prices may increase again in a fortnight.
“Based on what we’ve seen so far we do expect the prices to continue to increase a bit, but that’s subject to the fuel cycle,” he said.
Extracted in full from: Perth petrol prices set to skyrocket from Wednesday | The West Australian