Petrol Prices Surge as Australian Dollar Stays Weak
Petrol prices have soared to nearly $2 a litre (US$4.88 a gallon) on average across Australia as the weak Australian dollar makes it more expensive for the country to import fuel.
According to the Australian Institute of Petroleum’s latest report, the national average retail petrol price jumped 11.1 cents to $1.96 a litre in the week ending Nov. 6.
While unleaded fuel prices rose by 14.8 cents to $1.99 a litre in capital cities over the week, diesel prices remained unchanged at $2.36 a litre.
A sign outside an Ampol petrol station in Melbourne, Australia on March 3, 2022. (William West/AFP via Getty Images)
The surges in petrol prices came as many Australian cities entered their first fuel cycle following the reinstatement of the full fuel excise tax, which adds more than 20 cents to every litre….