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Cheap petrol prices behind us, modest rises predicted to continue: economist

February 9, 2015

Cheap petrol prices behind us, modest rises predicted to continue: economist

Motorists may have seen the last of cheap fuel, with the price of petrol rising for the first time in 10 weeks.

The Australian Institute of Petroleum said the national average petrol price rose four cents per litre last week to 112.6 cents.

The cost to fill up increased even more in the capital cities, rising by as much as 20 cents a litre late last week.

Before the rise petrol had been selling at its lowest price in six years.

CommSec economist Savanth Sebastian said the increase was triggered by a rise in global oil prices as well as the resumption of the discounting cycle.

“The discounting cycle has been essentially non-existent since late last year when fuel prices were sliding,” he said.

“But now we’ve actually seen in the past week that the discounting cycle is back in full force.

Average unleaded prices in past week

  • Sydney 110.6 (up 8.9 cents)
  • Melbourne 107.2 (up 4.6 cents)
  • Brisbane 110.6 (up 7.5 cents)
  • Adelaide 109.2 (up 9.3 cents)
  • Perth 112.1 (up 1.8 cents)
  • Darwin 128.4 (down 0.7 cents)
  • Canberra 117.3 (down 0.3 cents)
  • Hobart 123.0 (down 0.4 cents)

“What that means is we’ve seen in the past few days a huge lift in fuel prices across the capital cities.”

 

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