9 November 2021

Petrol prices in the ACT hit an all-time high with no relief in sight

| Max O'Driscoll
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Petrol pump

Petrol prices are the highest we’ve ever seen in the ACT. Photo: Michelle Kroll.

Petrol prices officially hit record-highs this week and there’s little hope relief is on the way.

But NRMA spokesperson Peter Khoury said when compared to other capital cities, Canberra is still by no means the dearest place to fill up. The average in Canberra is 171.7 cents per litre, compared to Adelaide, Brisbane and Melbourne at 180 and Perth at 182 cents a litre.

“I guess what I’m saying is it’s bad everywhere. We’re more worried about the fact that it’s not going to go down anytime soon,” said Mr Khoury.

“There was some hope that we would see some relief heading our way, now that we’re in November with a potential increase in production levels, but that’s just not come to be,” he said.

READ ALSO Nearly a million square metres of ACT roads to be repaired with new recycled material this summer

For a brief period on Friday, Mogas 95 was under $100 a barrel on the expectation that OPEC would increase production. However, output has not increased and prices quickly returned to above $100. Hope now rests in greater production in December.

“How much higher [are prices] going to go? We’re hoping not that much, but it’s such a volatile market right now, it’s really difficult to predict. What we do know is that there is nothing that we’re seeing which gives us any sort of confidence that we might start to see some relief,” he said.

Mr Khoury again reiterated his stance on the ACT’s absence of real-time data regarding petrol pricing.

He said a service such as the NRMA’s NSW Fuel Check would have made it easier for consumers to shop around and find the best price during a period of price volatility.

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Capital Retro8:46 am 11 Nov 21

With inflation in the USA now the highest in 30 years we can expect interest rates there to rise which will in turn crash our dollar (which pays for most of our imports) so expect to pay over $2 per litre before Christmas.

Australia is lucky it has endless supplies of coal that the rest of the world doesn’t want. At least we will be able to ward off the winter chills and “keep our home fires burning”.

Shame you can’t eat the coal, or put it in your fuel CR, or you’d be right there.

Capital Retro10:51 am 11 Nov 21

What a dumb thing to say. You can’t eat petrol (or electricity) either. The point I am making is soon we won’t be able to afford petrol or renewable electricity so life will become a matter of survival and at least abundant supplies of coal can keep us warm.

Read some history books, JS9.

Hey CR – I think your grasp of year 1 economics is a little lacking. Stronger than expected US inflation figures, if maintained, will place pressure on the Federal Reserve to tighten monetary policy, which would be good for Australia – plain and simple. Just Google that little fact if you need to. LEt me enlighten this a little more: higher US interest rates would put downward pressure on the Australian dollar and help boost the domestic economy, further lifting iron ore profits and adding upward pressure on domestic inflation figures….. that my friend is basic economics…. not a fanciful rant.

And some of the highest prices seem to be in “Australia’s own” Ampol.

Capital Retro9:17 am 10 Nov 21

That’s in the same category as the ACT only using 100% renewable electricity.

You are so incredibly predictable CR…..

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