Petrol prices Australia: Will petrol prices reach record-breaking highs again in 2023? read full article at

Petrol prices in Australia will stay unpredictable in 2023 as world occasions proceed to weigh on the price of oil, with consultants involved mitigating value hikes is out of the federal government’s management.

The price of unleaded petrol hit a report excessive of over $2.20 a litre in June this yr.

The previous authorities tried to intervene by chopping the gas excise nevertheless it did little to deliver petrol costs down, and now there are considerations additional authorities intervention will be unable to calm unstable prices on the bowser in 2023

Petrol prices have remained stubbornly high for months.
Petrol costs surged above $2.20 in June. (Eddie Jim)

”The elements that decide whether or not costs will go up or down are world and are more and more out of the management of any authorities,” NRMA spokesperson Peter Khoury advised

“We now have seen oil costs on course however we have been fooled earlier than.”

What occurred in 2022?

Petrol costs reached record-breaking highs each for unleaded and diesel this yr.

The principle elements resulting in risky gas costs embody the hangover from the COVID-19 pandemic, Russia’s battle, lockdowns and unrest in China, together with hypothesis of a looming recession.

“On prime of all that, you have got OPEC and different oil-producing international locations placing a synthetic lid on manufacturing to inflate the value of the barrel,” Khoury stated.

Khoury stated 2022 has been an absolute “nightmare” in giving Australians dependable recommendation.

“It was a time once we by no means wanted dependable recommendation extra as we broke each report,” Khoury stated.

Diesel costs have been at a historic peak all yr, however by December, worldwide oil costs plummeted by half which means gas costs dropped to beneath $1.60 throughout Australia.

Khoury stated gas costs dropped to a value not seen in nearly six months on the finish of 2022.

What was the gas excise?

Surging petrol costs solely added to the stress on Australians going through surging inflation impression the value of on a regular basis gadgets, consecutive rate of interest hikes, and skyrocketing power costs.

The gas excise was chopped in half from 44.2 cents per litre to 22.1 cents per litre.

In actual phrase phrases, this allowed motorists filling up a 40-litre tank to save lots of about $10.

A woman fills up her car at the 7- Eleven in Rozelle, Sydney.
The gas excise reduce aimed to cut back strain on family budgets. (Dylan Coker / SMH)

The price of dwelling aid ran till September 28.

The Albanese authorities did not provide any price of dwelling sweeteners of their October funds however stated it plans to supply energy value aid within the new yr.

What is going on to occur in 2023?

The takeaway message from consultants is that it is not possible to inform, however even when the federal government did attempt to intervene, it is unlikely measures would make a distinction by way of petrol costing.

Nevertheless, the federal government might give attention to attempting to cut back the price of dwelling in different methods.

Khoury stated any change in world elements may have “a right away impact on oil costs”.

Fuel bowser with graph overlay
Petrol costs might fluctuate via 2023 as world elements impression oil costs. (SMH/9)

“OPEC may reduce costs even additional, Russia’s appalling invasion may escalate or deescalate in a single day you simply cannot know,” he stated.

“There’s nonetheless real fears concerning the economic system and if the economic system crashed there can be downward strain on costs.”

Khoury stated the “elementary problem” in 2022 was the issue in forecasting what was going to occur with petrol costs and giving Australians essentially the most dependable recommendation.

“It is simply not possible to foretell,” he stated.

Authorities aren’t assured predicting what may occur to petrol costs between Christmas and the brand new yr not to mention properly into 2023.

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