Petrol price rollercoaster continues, with threat of higher prices looming

What once seemed to be heading down is now climbing back up, as the constant flux of the global energy market again impacts the wallet of every Australian motorist.

It is now ten days since the 46-cent Federal fuel excise has been reinstated on every litre of fuel sold. This has seen average capital city pump prices of 95RON fuel climb from an average of $1.87 per litre (before the excise cut was removed) to $1.96 per litre today. A rise of 4.7 per cent.

Victoria notes the lowest average at $1.90 per litre and the Northern Territory the highest at $2.03. The largest increase has been felt in South Australia with average prices climbing from $1.80 to $1.97, an increase of 9.2 per cent.

Further, the price of oil, which on 26-Sept saw its lowest point since January 2022 of US$76.71 per barrel, has started to climb.

This comes after four-months of continual declining prices, and has been triggered by members of OPEC+ (members include Azerbaijan, Bahrain, Brunei, Kazakhstan, Mexico, Oman, Russia and Sudan) stating they will cut oil production by 2-million barrels per day.

The member states claim the cut was made "in light of the uncertainty that surrounds the global economic and oil market outlooks”, with the volume accounting for approximately 2 per cent of global oil production.

Oil prices are currently at US$92.64 (A$145), which is rise of around 21 per cent in under two-weeks.

As noted previously, Australian pump prices tend to follow a four-week phase delay following global price changes, which means the gradually ascending prices at the pump will likely climb far more rapidly within a month's time.