New data has revealed the shocking amount Aussies now spend on gasoline each month as the fuel scarcity continues.
Australians are spending nearly three quarters more on petrol each month than less than a year ago, as a result of new data from Compare the Market.
In June, Australia’s average monthly gasoline expenditure was $192.63, an increase of $82.05 (74.19 percent) from September 2021.
That substantial increase was reflected in NSW and Victoria, which increased 74.75 and 74.05 percent respectively in their average monthly fuel spend over the same period.
Compare Market spokesman Chris Ford said these prices came at a worrying time for drivers, with the cost of living rising across the board.
“It’s been a really tough three to four months, even with the fuel tax cut in half for motorists across Australia,” he said.
“It’s important for households already tight on their budgets as energy, grocery and home loan prices rise.”
Paying $2 per liter for fuel has become the norm for motorists across Australia, with petrol prices hovering around the line in Brisbane, Sydney and Perth this week.
But Mr Ford had some disturbing news for Melbourne commuters about their average petrol price.
“Melbourne is by far the most expensive capital in the country right now, with an average price of about $2.33 per litre. That’s 30 cents more than Sydney and Brisbane, that’s a big difference,” he said.
But these huge price differences are not only present between different states and regions, but also in the same city.
Mr Ford said “there will always be discrepancies” in individual markets, with price differences of 40 cents a liter in the same capital.
“There is great frustration among drivers who don’t know how it works and see prices rise and fall,” he said.
“We know the difference can be as much as 40c per liter. That could be $20 if you fill a 50 liter tank.”
These high prices have made Australians more strategic and considerate of their driving habits, with more than 60 percent now looking for cheaper fuel.
Mr. Ford said it was a “smart move” as a few minutes of planning or extra driving can lead to big savings.
“The best way to save is to use the comparison apps to find cheaper fuel, which is way above any other discount program,” he said.
“There are other methods that people have used. It could involve seeking out bigger discounts and affiliate programs…and changing their actual driving and buying behavior.
“The habits that have changed will be good habits in the long run, even if we have an oil price leveling off.
“It could go up to $1000 (in savings) over the year. It may look insignificant at the station, but it’s really worth it.”
Mr Ford said there could be “good news” for Australians on the horizon even if the fuel tax cut ends in September.
“Oil prices have risen since mid-May on increased demand from China as their latest round of Covid lockdowns have eased. The EU bloc also recently confirmed a ban on Russian maritime oil, which is about two-thirds of Russia’s exports,” Ford said.
“But wWe’ve seen a trend where the oil price is down about 16 percent this week alone and 8 percent this week.
“If demand falls when global finances get tight and it (oil) just gets too expensive, that may also lead to a drop in oil prices.
“We could see production meeting demand as well, so maybe these turbulent waters from the past few months are starting to stabilize.”
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