October 3, 2022

Motorists should fill up their cars now and petrol prices will skyrocket in the coming weeks.

The cost of living Joel Gibson of One Big Switch warned that gasoline prices would rise from an average of $1.65 per liter to more than $2 as the federal government reintroduces fuel taxes and revamps price cycles.

Fuel taxes will increase prices by about 22 cents per liter by September 30.

Fuel prices are set to rise by at least 60 cents a liter in the coming weeks, urging motorists to refuel now

However, normal price cycles will at the same time cause gasoline prices to rise.

The coinciding price factors will push fuel prices up by at least 60 cents per liter, with averages expected to be well above $2 per liter.

Gibson said retailers have two options when raising fuel prices: they can choose to introduce both the new cycle and fuel tax at once or spread the cost over a few weeks.

One option would allow retailers to blame the massive tax hike on the government, but the other would allow customers to adjust.

Average prices will rise to well above $2 per liter, with government fuel excise tax reintroduced on Sept. 30 and normal price cycles renewed

On the other hand, some retailers might wait with rising prices until cheaper fuel already in their tanks is used up.

“When the tax was abolished, we were told to be patient as it would take two to six weeks for the cheaper fuel to start flowing. Now that the shoe is on the other side, it should also be two to six weeks before the 25 cents per liter price hike is added again,” Gibson said. Nine news.

See also  How to set up personalized Spatial Audio for your AirPods with iOS 16

To save some money at the pump, Mr Gibson said motorists should regularly use a fuel card app to check when each retailer is raising prices and shop for the best deal.

Normal cycles show that fuel prices will rise as full fuel tax is reintroduced

“As some stations add 25 cents per liter more than others, it is crucial to use fuel pricing apps for the next month to avoid the most expensive fuel and in some cases save as much as 50 cents per liter,” he said.

Treasurer Jim Chalmers warned retailers that the Australian Competition and Consumer Commission will keep a close eye on fuel prices to ensure customers are not being ripped off.

“I have instructed the ACCC to step up their oversight of fuel markets to ensure Australian motorists get a fair deal with the Bowser,” the treasurer said.

Drivers are urged to fill up their cars while prices are low and use fuel map apps to find the best deal in their area

“Refineries, importers, wholesalers and retailers should make themselves aware – the ACCC is closely monitoring fuel prices across the country to ensure any increases are justified.”

The normal fuel tax of 44c was halved by the Morrison government for six months from March.

It helped motorists save an average of $15 per tank, but cost taxpayers $3 billion.

Prime Minister Anthony Albanese has ruled out an extension of the tax cut, noting that the 22c cut only adds to Australia’s nearly $1 trillion debt.

See also  Mary Fitzgerald and Emma Hernan seen on set of Netflix’s Selling Sunset