Petrol has hit new highs in Sydney and Melbourne recently and the NRMA says oil prices aren’t to blame.
A lack of competition is being blamed for the latest surge in petrol costs in the major capital cities, as high prices at the bowser risk keeping inflation higher for longer and reduce the chance of interest rate cuts any time soon.
“It means there are more service stations charging more in your local area, it makes it harder to find a bargain, and it pushes the average price up in the biggest markets in the country.” “The inflation forecast in the next little while is going to be quite driven by petrol prices,” she said on Tuesday.Inflation in automotive fuel has been rising, according to the Australian Bureau of Statistics’ monthly measure, reaching 8.1 per cent in the year to March – up from 4.1 per cent in the year to February.
Theo Foukkare, chief executive of the Australian Association of Convenience Stores said he disagreed with the NRMA’s assessment. “They control more than half of over 7384 retail fuel stores and this is growing. Independent operators often are more competitive in terms of fuel pricing.
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