National gasoline prices set to soar to record high

Australians are urged to fill up now with petrol prices set to soar to $2.20 a litre.

CommSec chief economist Craig James said oil prices are expected to soar as the war between Russia and Ukraine continues to drive up oil prices.

According to the Australian Petroleum Institute, the national average price of unleaded petrol rose 3.3 cents per liter to a record 183.9 cents per liter in the first week of March.

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Petrol prices peaked last week at 191.3 cents per liter in Melbourne, 196.9 cents in Hobart, 189.7 cents in Darwin and 188.6 cents in Canberra.

Mr James said Australians still have a few weeks to fill their tanks before petrol prices hit a record high.

“The national average gasoline price rose 10 cents per liter after a $10 per barrel increase in crude oil in December and there was a similar increase of 10 cents in February to $1.80 per liter after that Brent crude fell from $79 a barrel to $89 a barrel in January,” he said.

“Crude Brent is now at $128 a barrel, so the Australian average pump price is on track to reach $2.10 to $2.20 a liter over the next few weeks.”

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