The national average price of unleaded petrol across Australia has hit a new record over the past few weeks – and continues to hover well above average.
The Australian Institute of Petroleum shows the national average price of petrol peaked at 211.2 cents per litre on Sunday 1 October, with the most recent average recorded at 208.5c/L just three days ago.
Despite the minor relief, fuel is sitting well above previous averages from the last 12 months, with prices typically bouncing between lows of approximately 175c/L and highs of 190c/L across the country.
The previous top was recorded in mid-November 2022 when the national average hit 198.9c/L – a 35 per cent increase over the previous 2021 high of 147.8c/L.
Though there are multiple reasons contributing to the record highs, according to a recent report from The Sydney Morning Herald, Australia’s weak dollar against the US Dollar is also affecting pump prices.
An Australian Dollar is currently buying just 64 US cents, with international oil markets trading in US dollars.
While Australia still has two working refineries, the majority of the nation’s fuel is imported from the Middle East and refined in Singapore.
Last month, commodities expert David Scutt warned petrol prices of less than $2 per litre could be a luxury of the past.
According to the Australian Automobile Association – the peak motoring body representing the RACV, NRMA, RACQ, RAA, RAC, RACT, and the AANT – households are now spending more than $415 per week on transport costs, accounting for almost 16 per cent of income.
In addition to transport costs, earlier this week the International Monetary Fund released data showing Australians devote a greater amount of their household income – more than 15 per cent – to mortgage repayments, compared to any other advanced economy.
Motorists are encouraged to take advantage of smartphone apps which can track pump prices in your local area, allowing you to see where the cheapest fuel is and if the prices are trending up or down.