Petrol prices soared above $2.25 in bowsers around Melbourne on Monday, after a combination of global and local factors put pressure on supplies. costofliving
Petrol prices have soared to record highs in bowsers across Melbourne, reaching above $2.25 per litre, as the financial impact of Russia’s war on Ukraine continues to bite.contacted a number of petrol stations in Melbourne’s north on Monday, who confirmed prices had gone up by between 20¢ and 40¢ since the weekend.
The reduced excise will only last for six months, after which prices will climb by 22¢. Bethune said there was little the government could do in the short or medium-term to reduce prices. “It’s a global issue and part of the response to the Russian invasion.” KPMG senior economist Dr Brendan Rynne said the Singapore Mogas 95 petrol price, used for benchmarking petrol prices, has increased 67 per cent since the start of the year, and would remain elevated until at least 2024.“The likelihood is we’re going to experience high petrol prices for some time,” Rynne said. “We’ve got circumstances where global demand is increasing as everyone comes out of COVID but we’re just not producing enough to meet demand.
Rynne said he expects the RBA will increase the cash rate by 25 basis points, although warned this will likely not filter through to lower prices immediately.