If you’re looking to fill up your car with petrol cheaply this long weekend, you have already missed your chance, petrol prices are set to hit a record 11-year-high.
The National Roads and Motorists’ Association (NRMA) is predicting that the average price for petrol per litre is expected to reach $1.66 on Wednesday and it won’t be dropping until next week.
NRMA spokesperson, Peter Khoury, said the increased unpredictability of world oil prices is to blame and Australia is “hugely exposed”.
Mr Khoury says, “the attacks in Saudi Arabia, along with the ongoing trade war between the United States and China and weaker Australian dollar” is working against Australians just as families are going away.
The NRMA says Sydney families on average spend about 20 per cent of their weekly budget on transport costs and the high prices come at a time when families can least afford them.
“Not only are they paying for it at the bowser but they’re paying for it in terms of the broader impact on the economy,” Mr Khoury says.
However, he says relief is on the way, with a slight fall in world oil prices expected to reduce petrol costs by 10 cents a litre later in October.
In the meantime, his advice is “Stay out of the servos if you can. If you have to fill up, do your research.”