According to the latest data released by the Australian Institute of Petroleum (AIP), the price of petrol is at a five-month high, after the average price of petrol rose to $1.458 per litre last week. The price of petrol is set to rise by another one to two cents in the next couple of weeks according to Commsec, taking average prices higher again.
Due to a rise in the price of wholesale petrol, the average cost at the bowser is set to rise by up to 2c/litre within the next two weeks. According to RACV vehicle engineering manager Michael Case however, prices will drop by around 12c/litre before they rise once again.
Mr Case recently said it will be difficult to say which day of the week will be the cheapest, saying in a recent News Ltd report, “We’re already on our way down to the next minimum within the next few days”.
According to Commsec economist Savanth Sebastian, prices will be on the way back up within the next two weeks. He recently said the future doesn’t look good for motorists:
“Price are holding at fresh five-month highs and unfortunately for motorists it is unlikely that conditions will improve substantially anytime soon.”
The average price of wholesale petrol rose by 1.1c yesterday, and is expected to rise again beyond a three-year high of $1.393 per litre.