Fuel prices set to increase nationwide
It seems that our campaign for fairer fuel prices is about to come up against some even tougher odds, after the latest market research report from CommSec revealed that petrol is about to see its biggest quarterly price hike in almost 25 years.
As of this week, mainland motorists are paying an average of $1.42 per litre of fuel compared to less than $1.10 at the start of the year.
This will result in us forking out up to an extra $21 to fill the average sedan.
CommSec chief economist Craig James believes that the added financial pressure on families will depend on how they have adjusted their budgets to the lower petrol prices.
“Petrol is the single biggest weekly purchase for most families.”
So far over the past three months, CommSec estimates the price of petrol has increased by 13.1 per cent and its continual rise will result in the largest quarterly increase since December 1990.
At this point, petrol is still cheaper than it was a year ago despite the price increasing by around 30 per cent.
So what does the price hike mean for Tasmanians?
According to CommSec, higher petrol prices and a weaker Australian dollar will likely make people more restrained with their spending, while the affect on the economy across the country could even mean an interest rate cut by the Reserve Bank of Australia.