Wednesday, July 6, 2022

Petrol prices in Sydney hit record high, further hikes expected

Sydney motorists woke up this morning to the highest average price for regular unleaded petrol on record, breaching $1.70 per litre, with further hikes expected this week.
Average prices for regular unleaded are expected to peak in the coming days to over $1.74 per litre before slowly falling again.
The average of 170.2 cents per litre has climbed off the back of seven-year-high oil prices driven by rising demand globally at the same time that production levels have been kept stubbornly low by oil producing countries.
Melbourne, with $1.74 per litre, and Brisbane, at $1.76 per litre, have also broke highest average price records in those cities today.
Singapore Mogas, Australia’s international benchmark price, closed trading last week at almost $US100.
It has risen $US84 a barrel since July last year.

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