Petrol pain: $160 a tank and it’s going to get worse

·Personal Finance Editor
·2-min read
A sign at a petrol station displaying high prices and Australian money.
Petrol price pain is set to continues. (Source: AAP/Getty)

Petrol prices have been skyrocketing and, with the end of the fuel excise tax cut looming, Aussies are set to feel the pain.

New research from Savvy found 46 per cent of Australians were spending between $90 and $160 to fill up their tank.

While 17 per cent were spending over $191 per month on transport costs.

And the pain is expected to continue.

The ongoing war in Ukraine has put pressure on international refined petrol and diesel prices, with the consumer taking the brunt.

The previous federal government cut the fuel excise by 50 per cent on March 30 for six months to keep regular petrol prices from ballooning past $2.50 per litre or more.

In June, the national average for unleaded petrol hit its second-highest point in history – only a month on from the highest price recorded.

“Though global oil prices have eased over the last few weeks, the current Labor Government has ruled out extending the fuel excise cut, which expires in September,” the Savvy research said.

The most recent inflation data showed the cost of living soared in the June quarter, with fuel costs up 4.2 per cent.

“Fuel underpins the economy and rising fuel prices will flow on to every sector,” Savvy CEO Bill Tsouvalas said.

“It’s just the nature of how our economy works, unfortunately.

“However, the only silver lining is that despite the cash rate creeping up, it’s still not anywhere near the levels of 2010, let alone 1990.

“If Australians are doing it tough, now is the time to consolidate debts to ease the pain of smaller credit card debts snapping at their heels. Don’t wait until it’s too late.”

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