Motorists face soaring petrol prices amid global factors
Motorists should brace for continued petrol price hikes throughout the year, with the possibility of hitting $2 per litre during pricing cycles. Several factors, including surging global oil prices, a weaker Australian dollar, rising wholesale costs, and production cuts by major petroleum nations, contributed to a 2.7-cent increase in the weekly unleaded fuel price, reaching an average of $2.04 per litre last week.
Ned Green is joined by NRMA spokesperson Peter Khoury, who expresses concern, noting that record-high pump prices are likely to persist. He emphasized that this trend adds to the ongoing cost of living crisis for Australians and contributes significantly to inflationary pressures in the country.
Furthermore, he pointed out that the situation is unlikely to improve by Christmas, as OPEC, Saudi Arabia, and Russia have committed to reducing oil supply.
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