Tuesday 27 September 2022 11:59 PM Petrol prices to skyrocket as fuel excise cut ends NRMA warns already too high trends now
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Australians are being warned petrol prices at the pump are set to skyrocket even further despite global oil prices falling, a leading motoring group warns.
The NRMA has called on fuel companies to cut prices as regular unleaded topped an average of $1.90-a-litre in Sydney, Melbourne and Brisbane this week.
The government's fuel excise reduction ends at 11.59 pm Wednesday, which will push prices up by another 25c-a-litre just in time for the October long weekend.
'Despite falling global prices and the full fuel excise tax not yet reinstated, prices are approaching $2-per-litre, meaning motorists are paying much more for fuel than they should be,' NRMA spokesperson Peter Khoury said.
Fuel prices in major cities could rise to more than $2-a-litre in the next week (file image)
Once the fuel excise hike takes effect, drivers could be paying near the same amount at the pump they were earlier this year when prices soared after Russia's invasion of Ukraine.
The NRMA said it was 'concerned' about a 42c-a-litre gap between wholesale and retail petrol prices in Sydney, the highest margin since May 2020.
'Prices today are already unacceptably high, and we need to see a correction immediately,' Mr Khoury said.
He pointed to the prices being in stark contrast to the global trend of plunging oil prices after a high point earlier this year, amid sanctions on Russian oil.
'It was $160 a barrel and has now dropped by $60 over a couple of months to $100 a barrel,' he said.
'Australians are already battling cost of living pressures. Let's hope more restraint
