Australian petrol prices are trending toward the record highs witnessed in March as the reduction in fuel excise introduced by the previous Coalition government has had little effect on the global price movement.
In its latest weekly report, the Australian Institute of Petroleum said the national average retail price for petrol in the week ending May 22 surged 14.1 cents to $1.99 a litre (US$5.33 a gallon), marking the fifth consecutive weekly rise.
Among the jurisdictions, the state of Queensland saw the most significant change in the average petrol prices, while South Australia’s prices almost remained the same.
At the same time, the national metropolitan average prices jumped by 17.7 cents, and the regional Northern Territory’s prices still remained the highest in the country, standing at $2.26 a litre….