Find out how much more it’s costing you to commute to work as fuel prices rise.
Commuters were caught in traffic delays after dozens of truck drivers bound for the Victorian Parliament blocked several lanes on the West Gate Bridge in protest.
New Zealand petrol prices,like elsewhere,have risen sharply since Russia’s attack on Ukraine started in February,contributing to significant inflation.
Drivers are being warned not to expect any immediate relief from sky-high petrol prices despite steep falls in the cost of crude oil this week.
The Reserve Bank is poised to lift rates for the third consecutive month to deal with rising inflation with signs the jobs market is getting even tighter.
Federal Treasurer Jim Chalmers has all but ruled out extending the six-month fuel excise subsidy,with motorists to be slugged an extra 22.1 cents a litre when it ends in September.
Economists say Australia’s central bank can only do so much to counter cost of living problems,which are largely driven by global price growth in essentials including oil and food.
Petrol prices soared above $2.25 in bowsers around Melbourne on Monday,after a combination of global and local factors put pressure on supplies.
Petrol prices are tipped to reach $2.20 a litre soon and remain elevated for some time,potentially posing a challenge for the Labor government when the recent fuel excise cut ends in September.
Average petrol prices in Sydney are back above $2 a litre on the eve of the federal election.
One of Australia’s biggest fuel companies doesn’t see an end to rising prices as western sanctions on Russia and reduced exports out of China constrain supply.