Fuel prices are shocking and they’re still on the rise

By Joshua Boscaini | @j_boscaini

You are not alone if you’ve been sacrificing your morning coffee for that dreaded visit to the fuel pump, as petrol prices skyrocket across Adelaide.

 Australia’s fair-trade watchdog, the Australian Competition and Consumer Commission (ACCC), is warning buyers that prices around the city are still rising.

According to the RAA, the average price of unleaded fuel in Adelaide is currently sitting at $1.57 per litre.

The ACCC said petrol prices have remained above $1.30 for the last 40 days, but there are concerns that a nationwide fuel shortage is to blame.

Australia has around 20 days of petrol, 17 days of diesel and 20 days of aviation fuel left, according to an Australia Petroleum Statistics report.

In a response to those findings, the Federal Government earlier this week announced a review into Australia’s fuel security.

Federal Energy Minister, Josh Frydenberg, said the supply of petrol needs to be examined, but warned the review doesn’t confirm Australia has a fuel security issue.

“[With] supply and demand dynamics of global energy markets changing rapidly and nearly a decade since the last National Energy Security Assessment, the time is right to… rethink Australia’s fuel security,” Mr Frydenberg said.

“We have not experienced a significant disruption to fuels supplies since the OPEC oil crises in the 1970s, but there is no room to be complacent,

 “We… import refined product from 47 countries. This mitigates supply disruption risks as fuel can be sourced from suppliers in other regions.”

Picture2.png
Fuel prices sky high across Adelaide. Source: Joshua Boscaini.

Some experts suggest US missile strikes on Syria are driving up prices because of increased tension in the oil-rich Middle-Eastern region.

It is unknown how the breakdown of the Iran nuclear deal—one of the world’s largest producers of oil—will further affect those prices.

But until Australia has a much better supply of fuel to meet the demands of Australian motorists, there’s no chance of seeing prices drop just yet.

So, unless you want to sit tight for a little while,the ACCC is advising motorists in Adelaide to shop around for a lower price.

Data is correct as of 10/5/2018.

 

Image Courtesy: Joshua Boscaini

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s