The economic aftershocks of the pandemic will be ongoing as global petrol prices continue to climb.
After the dip in demand for oil, due to pandemic induced lock-downs, OPEC and other global oil producers maintained an artificial limit on supply to increase the price of petrol. However, as stringent lock-down measures are removed and global demand increases, oil supply still lags behind propelling the price of petrol upwards.
Consumers around Australia are facing down petrol prices unseen since the Global Financial Crisis of 2008. Economist have expressed concern that high petrol prices will mean a slower and more difficult economic recovery post-pandemic.
There are hopes that the global oil supply may stabilise by Christmas and align with demand bringing petrol prices back down to pre-pandemic levels.