Petrol prices lifted by almost 10 Australian cents (US 6.5 cents) a litre last week, with the national average unleaded sitting at $1.83 a litre.
The rise coincides with the return of the full fuel excise tax on Wednesday, although petrol prices weren’t meant to surge immediately.
Treasurer Jim Chalmers said it would take several days for the extra 22 cents a litre to appear at the pump as retailers would need to work through their supplies of discounted fuel.
“As some of the cheaper fuel which has been underground in tanks runs out, and is replaced by the more expensive fuel, but we’ve also got the regular fuel price cycle as well,” he told reporters in Canberra….