Soaring fuel prices eclipse $2.20 per-litre in Australia

Fuel prices in Australia are continuing to rise at an alarming rate – with 98-octane premium fuel today eclipsing $2.20 per litre at some retailers in Sydney, Melbourne, and Brisbane.

Despite falling to the lowest level in almost two decades just over 12 months ago, the cost of filling up a tank has increased by more than 60 per cent nationally since that time (as reported by Trading Economics).

According to online aggregator FuelPrice Australia, the statewide average price for 98-octane petrol currently sits at 193 cents per litre in NSW, Victoria and South Australia, 195 cents per litre in Queensland, 200 cents per litre in Western Australia, 203 cents per litre in Tasmania, and 214 cents per litre in the Northern Territory.

At the national average of $1.99 per litre for premium petrol, filling up a Volkswagen Polo city car from empty would cost $79.60, filling up a Mazda CX-30 SUV would cost $101.50, and filling up a petrol Toyota HiLux ute would cost $159.20.

The same source reveals 91 octane now has an average price of 172 cents per litre in NSW and South Australia, 171 cents per litre in Victoria, 174 cents per litre in Queensland, 179 cents per litre in Western Australia, 193 cents per litre in Tasmania, and 195 cents per litre in the Northern Territory.

At the national average of $1.79 per litre for the lower-octane fuel, filling up a Volkswagen Polo from empty would cost $71.60, filling up a Mazda CX-30 SUV from empty would cost $91.30, and filling up a petrol Toyota HiLux ute from empty would cost $143.20.

Diesel has also been hit hard, climbing to 173 cents per litre in NSW, 174 cents per litre in Victoria, 173 cents per litre in South Australia, 175 cents per litre in Queensland, 175 cents per litre in Western Australia, 182 cents per litre in Tasmania, and 194 cents per litre in the Northern Territory.

At the national average of $1.78 per litre, filling up a diesel Toyota HiLux ute from empty would cost $142.40, while filling up both fuel tanks in a Toyota LandCruiser 300 Series would cost $195.80.

Nicolas De Roos – an associate professor of economics at the University of Sydney – previously told Drive the cost of oil and market movements are the primary drivers of fuel price rises. 

“The oil price moves around with changes in the demand and supply for oil  – which can be volatile – and with instability in the OPEC cartel in their attempts to manipulate the price of oil. The exchange rate will also move around with general swings in the Australian economy,” Mr De Roos said. 

“I have two pieces of advice for motorists. First, check where we are in the current retail petrol price cycle in your city, and here the ACCC site is useful (see the link below) … If you have flexibility in the timing of your fuel purchase, use this to help you. 

“Second, use a fuel pricing app if there is one available in your city ... check one of these apps before driving when you think you will want to fill up.”