Petrol prices are 4 years high: customers are confronted with expensive fuel



Fuel costs have reached record levels – and apparently Aussie drivers have to "get used to" paying up to $ 1.70 per liter.

This is according to a CommSec analysis, which used data from the Australian Institute of Petroleum to reveal that prices had reached the highest level in four years.

The last time we saw prices that were so strict was on January 5, 2014 – and according to experts, it could be even worse before prices drop.

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"Filling the car with petrol is the biggest weekly purchase for most families, so a higher petrol price has the potential to reduce spending on discretionary or non-essential items," Business insider quoted Commsec chief economist Craig James as saying.

"The average household spends $ 30 more per month on gasoline than six months ago.

"Motorists would have to get used to paying $ 1.50- $ 1.70 per liter for fuel."

NRMA spokesperson Peter Khoury agreed, and told news.com.au that the current prices were "worrying" – but that there was also a risk that they could become worse.

"The national prizes are the highest they have been in four years and we will probably be pushing for the highest in the five years," he said.

"Diesel prices are highest in 10 years – these are all records that we do not want, but unfortunately no relief seems to exist.

"Factors that cause it do not seem likely to disappear quickly, so we have to look locally at what can be done to save a little money at the bowser."

Mr. Khoury urged motorists to feel the pressure to shop for the best deal, and to use fuel price information available on car club websites and price comparison sites and apps such as FuelCheck, MyNRMA, GasBuddy and MotorMouth.

"In Sydney, for example, the spread between the cheapest and the most expensive price for regular lead-free is about 35 cents, which is why we tell people to shop around," he said.

"The fact is that it's a lot easier to find fuel for $ 1.41 than it used to be – and it's a lot easier to use fuel than $ 1.79.

He said that fuel prices in Perth would be at their highest point today, while the average gap between Melbourne and Brisbane prices was about 15 cents, and about 30 cents in Adelaide.

"If possible, try to fill it in the bottom of the circle, but it is difficult," he said.

Mr. Khoury said high prices are driven by international factors, including the Organization of Oil-exporting Countries (OPEC), which maintains its policy of keeping production levels low, artificially raising prices.

He said that the continuing tensions between the US, Russia, Iran and other oil-producing countries also played a role.

"In addition, the Australian dollar is about 13 cents lower against the Greenback compared to last year, which adds about 10 cents to the bowser, so it has created almost a perfect storm – and unfortunately our members in Australia and NSW are pricing pay, "Khoury said.

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