Australian fuel prices to soar after hitting eight-month low

Motorists are being encouraged to shop around, with fuel prices expected to soar at the end of the month.

Fuel prices are the cheapest in eight months, with the national average fuel price hovering around $1.64 a litre – a drop of 8.5 per cent on the previous week.

In the regions, Australians were paying on average $1.71 a litre last week.

A recent Australian Competition and Consumer Commission report found prices had declined steadily since June.

But the end of a government cost-of-living measure could inch prices closer to the $2 mark overnight.

In March, the government halved the fuel tax by 22.1 cents, as the Russian invasion of Ukraine, and production cuts, sent oil prices skyrocketing.

But cutting the fuel tax has come at a hefty $3bn price tag, and both Treasurer Jim Chalmers and Prime Minister Anthony Albanese have resisted repeated calls to extend it.

From September 30, fuel prices will rise 25.3 cents a litre.

The ACCC, which has been tasked with monitoring petrol prices, insists the best way shoppers can navigate the price pain is to shop around.

“Shopping around and using fuel price apps can help consumers find the cheapest petrol in their area,” chair Gina Cass-Gottlieb said.

“Our previous research has shown that buying at independent retailers and avoiding the top of the petrol price cycle in the five largest capital cities can save motorists a lot of money.”

The Commonwealth Bank has found that a two-car household in capital cities is spending $5115 annually on fuel.

“Despite recent falls in pump prices, petrol remains the single biggest weekly purchase for many families, with the national average unleaded petrol price up by almost 7 per cent over the year,” CommSec chief economist Craig James said.

“And given OPEC’s strategy of constraining production to support oil prices, the risk is that petrol prices will stay higher for longer.”

Originally published as Reason Aussies should fill up now and avoid more pain at the pump

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