Motorists are being advised to fill their tanks outside major capitals over the Easter long weekend, with petrol prices set to be higher across urban centres than in regional hubs.
Millions will pay more at the bowser over the weekend as retailers in Melbourne and Brisbane hike prices in time for road trips, though Sydneysiders have been spared paying $2 a litre after prices started falling late last week.
Melbourne petrol prices are averaging $1.89 per litre – up 4.8 per cent on last week – while prices in Brisbane have risen 1.12 per cent from earlier lows to $1.79 a litre, according to MotorMouth.
Petrol prices across Sydney eased to $1.97 a litre before the Easter long weekend, having peaked at $2.01 a litre late last month.
But however you look at it, petrol prices across Australia’s three largest cities are high, so much so that the National Roads and Motorists Association (NRMA) is urging Sydneysiders to wait until they’re outside city limits to fill up.
The same could also be said for motorists in Melbourne and Brisbane, with petrol prices lower in regional hotspots, according to MotorMouth.
Easter petrol prices
NRMA spokesperson Peter Khoury said Sydneysiders had been hit hard in early 2023 with some of the highest prices at the bowser ever recorded in Australia and peaks regularly above $2 a litre.
“Sydney is living in petrol purgatory this year with prices having fallen below the record highs of last year yet not nearly enough to deliver meaningful relief to families,” Mr Khoury said.
The best strategy for motorists looking for the cheapest petrol prices is to use a fuel tracker app on their phones.
It will allow you to find out which retailers along your route out of a big city are offering the cheapest prices and will be particularly important for those exiting Melbourne and Brisbane, where bowsers are rising fast.
The general advice this year is to consider filling up outside of the city, because – at an average of $1.83 a litre – Melbourne, Brisbane and Sydney have higher petrol prices than many regional hubs.
For example, petrol prices at Bairnsdale, Victoria, are averaging $1.75 – so those road tripping to the state’s east could save by waiting.
The same is true for Bathurst in regional New South Wales, where prices are about $1.76 per litre compared to almost $2 a litre on average across Sydney.
Petrol outlook sours
There are fears that petrol prices could rise over the coming months after OPEC announced a cut in production.
The coalition of major oil-producing nations surprised analysts with a cut of 1.6 million barrels a day beginning in May.
That sparked a surge in global oil prices, with the global benchmark Brent Crude rising 4.8 per cent to $US83.72 per barrel ($124).
It takes a few weeks for higher oil prices to flow through to Australian petrol bowsers through the Singapore gasoline price, but because we import most of our petrol from overseas we’re affected by global prices.
ANZ economists said on Monday they expect oil prices to hit $US100 a barrel ($148) in 2023 following OPEC’s latest decision.
“It sends a strong message to the market that OPEC is willing to defend a price floor above USD80/bbl,” ANZ’s Daniel Hynes and Soni Kumari said on Wednesday.
“It does this with the knowledge that there will likely be little response from other producers. Growth in US supply remains muted and other marginal suppliers have limited spare capacity.”
