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Brisbane faces record high petrol prices as Sydney and Melbourne warned of looming spikes
(www.theguardian.com)
this post was submitted on 28 Sep 2023
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This is the best summary I could come up with:
Chris Ford, from Compare the Market said there was an unusually high 44c discrepancy between the most expensive and cheapest fuel in Brisbane on Wednesday.
Jeffreys forecast that Melbourne and Sydney will soon follow suit and see average prices increase with long weekends in both cities.
The latest ABS figures show that petrol prices are up 13.9% compared with the previous 12 months, rising 9.1% in August alone.
KPMG chief economist, Brendan Rynne, said international prices were higher as a result of a decision by petrol cartel Opec, plus major producer Russia to cut supply.
Rynne said there is some good news in the medium term: petrol prices are likely to drop after this cycle, as northern Europe heads into winter.
“Part of that will be an expectation that oil demand globally is probably going to soften over the coming six months, that tends to be the case when the northern hemisphere goes into winter.”
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