Australia’s common petrol worth has hit a report excessive, peaking at 211.2 cents per litre on October 1.

A report from the Australian Institute of Petroleum exhibits petrol costs have continued to fluctuate over the past 12 months, however have been trending upward over the previous 4 months.

Primarily based on figures from the AIP from the week ending October 8, there might be some reduction for drivers on the horizon as the common petrol worth nationwide dropped to 208.5 cents per litre.

Drivers within the Northern Territory have been paying probably the most in the course of the week ending October 8, with a mean worth of 246c/L. However Queenslanders additionally felt the ache on the pump, with a mean worth of 221.3c/L.

The Australian Vehicle Affiliation reviews within the second quarter of 2023, households spent a mean of $95.33 per week on gas. Gas accounts for 23 per cent of weekly transport prices for households. Different prices embody tolls, automotive insurance coverage and finance repayments.

In keeping with the Worldwide Power Company’s oil report for September 2023, world oil demand is predicted to extend by 2.2 thousands and thousands of barrels per day for 2023.

Primarily based on the report, the cuts in oil from main exporters Saudi Arabia and Russia alongside a rise in demand for jet gas, petrochemical feedstocks and a rise in China’s consumption of oil, may lead to increased petrol costs in Australia.

Per the Australian Authorities’s Power Commodity Sources report of 2022, Australia produces its personal crude oil on the North West Shelf in Western Australia, nonetheless it’s understood a majority of that is exported. Australia nonetheless has two oil refineries, however the overwhelming majority of our gas is imported.

One of the simplest ways to make sure you’re paying the bottom worth on the bowser is to do your analysis.

Some state governments provide cell phone apps that will help you find low-cost gas, together with Western Australia’s Gas Watch, New South Wales’ Gas Verify, and the Northern Territory’s MyFuelNT.

Third-party apps like Petrol Spy additionally replicate petrol costs throughout most main cities.