Gas station prices close to record, but when will they fall?

Record petrol prices are stressing households and businesses.

However, a nosedive in global oil prices doesn’t necessarily mean the price you pay at the bow will drop anytime soon.

“Over the past two weeks, we’ve seen oil prices drop about $22 a barrel,” said Mark McKenzie, the chief executive of the Australasian Convenience and Petroleum Marketers Association.

Mark McKenzie represents gas station owners and thinks pump prices will fall in the coming weeks.ABC Illawarra: Sarah Moss
oil prices
World prices for crude oil – which is then refined into gasoline and other products – have fallen about 15 percent in the past month.ABC news: Alistair Kroie

However, the situation is complicated, with several factors – such as the invasion of Ukraine, refinery capacity, a costly pre-election pledge and the potential for a recession in the United States – all generating differing opinions about whether gasoline prices will fall and, if so, by when.

Costs rise at the pump

Gasoline prices have almost doubled in two years.

The average price of a liter of unleaded fuel in Australia was $2.11 last week, according to the Australian Institute of Petroleum (capital average was $2.09, regional average $2.13).

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