Fuel prices have lifted another three cents a litre to a 17-week high, but there’s relief on the way for some motorists.
Falling petrol prices in Melbourne and Perth suggest these cities have entered the discounting phases of their fuel cycle, which means prices will fall before lifting again, usually sharply.
The national average retail petrol price hit $1.99 (US$1.33) a litre last week, the Australian Institute of Petroleum report shows, with diesel staying flat at around $2.35 a litre.
Average fuel prices are sitting above $2 a litre in Sydney, Melbourne and Brisbane.
CommSec chief economist Craig James pointed to two major developments that were shaping oil markets – the weaker-than-expected U.S. inflation read and signs of a slight pullback in China’s strict COVID-19 restrictions….