Australian petrol prices have started to lift again ahead of the expiry of the fuel excise tax reduction in September.
Data from the Australian Institute of Petroleum showed that while wholesale petrol prices dipped by 2.6 cents a litre (6.8 U.S. cents a gallon) across Australia in the week ending Aug. 21, the national average retail price climbed by 3.6 cents to $1.72 a litre.
The increase contrasted sharply with the downward trend in petrol prices observed in the previous weeks.
According to CommSec chief economist Craig James, the end of fuel cycles in some major cities was driving up the national retail prices.
As Brisbane and Melbourne reached the top of their fuel cycles in the week ending Aug. 21, motorists in the two capital cities had to pay $1.82 a litre and $1.72 a litre at the pump, respectively….