Fill up now! Warning issued to Australian drivers as petrol prices are set to rise

Why you need to fill up NOW: Fuel experts warn of a massive rise in petrol prices later this week

  • Drivers are being warned to fuel up as petrol prices are going to rise this week
  • Prices in Melbourne, Sydney, and Brisbane are going to rise, experts have said
  • Those in Sydney and Melbourne could see prices of $1.70 per litre in some places

Drivers planning on hitting the road before their Christmas holidays should fuel up quick before petrol prices rise later this week, economists have warned.

East coast motorists are set to feel the pinch when prices in Melbourne, Sydney and Brisbane rise later in the week, Commsec senior economist Ryan Felsman said.

Drivers in Sydney and Melbourne could see prices of $1.70 per litre in some suburbs by the weekend.

Drivers planning on hitting the road before their Christmas holidays should fuel up quick before petrol prices rise later this week (stock image)

Meanwhile, prices in Brisbane had already hit $1.54 per litre on Monday.

Motorists were encouraged to shop around by using smartphone apps to find the cheapest nearby fuel.

Mr Felsman said prices were on the march again after retail discounting cycles ended last week.

‘The sudden and unexpected surge in prices when cycles end is a continuing source of frustration,’ he said.

‘A more consistent petrol price cycle – as seen in Perth – would give consumers greater certainty and control over their fuel spending at a time when household budgets are stretched in the lead up to Christmas and New Year.’

He said with the national wholesale price at about $1.35 per litre, fuel should only be costing drivers up to $1.50 per litre after retailers added their profit margins.

Instead, motorists in Australia’s big cities had been seeing prices as high as $1.70 per litre, Mr Felsman said.

Australian Institute of Petroleum data showed the rise weekly national average price of unleaded petrol dropped by 6.5 cent to 144.9 cents per litre, but Mr Felsman said these were on the rise. 

East coast motorists are set to feel the pinch when prices in Melbourne , Sydney and Brisbane rise later in the week (stock image)

East coast motorists are set to feel the pinch when prices in Melbourne , Sydney and Brisbane rise later in the week (stock image)

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