Petrol prices have gone up for three consecutive weeks across Australia as the effect of the federal government temporarily halving fuel excise was overshadowed by global factors.
According to the Australian Institute of Petroleum, the national average retail petrol prices increased 1.4 cents to $1.79 per litre (US$4.73 per gallon) in the week ending May 8.
However, motorists in capital cities such as Sydney, Canberra, Brisbane and Darwin were paying well above $1.80 a litre, while prices in regional Northern Territory far exceeded $2 a litre.
“Unfortunately, oil prices are still rising,” Commonwealth Securities chief economist Craig James said.
James found that Brent crude oil, the global price benchmark for Atlantic basin crude oils, had leapt by 44.5 percent since the beginning of 2022.
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