It’s best to fill up the tank as soon as you can, after Australia’s international benchmark price, Singapore Mogas, rose to $US126 a barrel on Thursday.
Russia’s oil hasn’t been directly targeted by Western sanctions, but it’s a huge card the US and Europe might yet play if Russia presses on with its assault, and traders aren’t willing to touch it.
“The sanctions have led to a de facto ban on Russian oil,” Andy Lipow, president of consulting firm Lipow Oil Associates, told CNN.
If traders continue to shun Russian oil, that could drive up prices around the world as competition heats up to secure barrels of crude from other sources.
The sanctions-panic rippling through the oil market joins an already strained supply chain, caused by COVID.
“There is no relief in sight for Australians with the price of regular unleaded to reach 200 cents per litre after the price of oil jumped over $10 a barrel overnight,” National Roads and Motorists’ Association (NRMA) spokesperson Peter Khoury said.
“If these increases are passed on to customers, the average price could rise to 206.9 cents per litre with highs above 215 centre per litre at the high point of the next cycle in Sydney,” Mr Khoury said.
According to new data from Finder, 2.5 million motorists say the cost of petrol is one of their biggest stresses.
“With price hikes continuing to go along with no sign of dissipating at all, it’s really important that Australians look at ways to save money on their petrol,” Finder’s Kate Browne said.
Recommendations to save coin at the bowser include shopping around using apps that locate low-cost stations, and keeping your grocery receipt vouchers to shave cents off each litre when you next fill up.
Engaging cruise control while driving can also reduce your fuel consumption when accelerating and breaking.