ACT motorists have been spared a price jump at the pump after missing out on cheaper fuel the week before.
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Petrol prices in Canberra have held firm against national fluctuations over the past week.
Nationally petrol prices surged in the week leading up to Sunday, reaching a national average of 153.3 cents per litre, up 4.1 cents from the previous week. The price rise hit hardest in the metropolitan areas, which saw an increase of 5.7 cents, compared to 0.7 cents in regional areas, but is overall less than the 4.5 cent drop in pump prices the week before.
The price of unleaded fuel in Canberra was unchanged at 157.9 cents per litre, compared to 153.0 cents in Sydney, and 152.3 cents in Melbourne. Around the region unleaded petrol was cheaper in Batemans Bay (156.9 cents per litre), Goulburn (155.5), Gundagai (153.9), Mittagong (147.9), Queanbeyan (156.2), and Yass (156.5). It was more expensive in Cooma (161.8) and Tumut (163.9).
According to economists at CommSec, the price of fuel is expected to continue to rise nationally over the next fortnight, and could rise further in coming months as the situation in Syria and other parts of the Middle East play out.
“The national average price has surged by over 4 cents a litre in the past week and motorists are certainly in for a bit more pain over the next couple of weeks,” the CommSec analysis said.
“The wholesale (terminal gate) price has risen by 1.5 cents in the past week and more importantly the Singapore unleaded price has jumped by almost 5 cents a litre and is holding just shy of the 5-year highs reached in mid-July. Unfortunately the increase in regional oil prices will filter through to domestic prices over the coming weeks. CommSec expects petrol prices to rise by a further 3 cents a litre in the next fortnight.
“The uncertainty and tension in the Middle East is the key risk to higher global oil prices over the next few months. The main unknown is how the tension in the Middle East, particularly Syria is likely to play out. Already the threat of an escalation in conflict is pushing up global oil prices and feeding through to higher domestic petrol prices.”
Canberra’s petrol prices have been largely steady for almost, spending five weeks at 157.8 before last week’s slight increase.
