Fuel prices

2022 - 3 - 8

Post cover — Image courtesy of "Cumnock Chronicle"

Drivers suffer highest weekly hike in fuel prices on record (Cumnock Chronicle)

The weekly increases of 3.8p for petrol and 5.2p for diesel are the largest in records dating back to June 2003.

“Inflation is hitting household budgets on all sides. Oil prices have spiked due to concerns over the reliability of supplies amid the war in Ukraine. Drivers have been hit by the steepest weekly hike in fuel prices in at least 18 years due to Russia’s invasion of Ukraine.

Russia-Ukraine war causes petrol price panic, with 'new normal ... (ABC News)

Even if you do not commute, soaring petrol prices are set to hit your wallet through the rising cost of transporting goods and people.

For Simone Dobber in Tasmania’s Huon Valley outside of Hobart, it has already stopped the music. "The amount of oil required to generate a given level of US GDP today is around 65 per cent less than it was in 1973 and about 20 per cent less than it was in 2007." "The oil intensity of economic activity has been falling owing to energy efficiencies and the growth of the services sector," he said. "It's not so much the oil price level that counts as its rate of change, as businesses and consumers get used to higher prices over time," he said. "Past oil price surges have played a role in US and global downturns — in the mid-1970s, the early 1980s, the early 1990s, early 2000s and even prior to the GFC (global financial crisis)," he noted. Petrol prices are already at record levels nationally and a rise in the global cost of oil means you will pay more in the coming weeks.

'Brace yourself': Petrol prices set to soar (NEWS.com.au)

Australian motorists are being warned to brace themselves for soaring petrol prices as the government rules out taking any action to reduce costs.

Australian motorists are being warned to brace themselves for soaring petrol prices as the government rules out taking any action to reduce costs. “The excise is used to fund road spending … And we want to keep that road building going on. Aussie motorists are being warned to brace for petrol price pain as the government rules out taking action on soaring costs.

Government challenged to reduce fuel prices amid cost of living crisis (South Wales Guardian)

Mary Lou McDonald said people cannot wait for a financial package from the Government as prices surge due to the Russian invasion of Ukraine.

“The Government is acutely aware of this issue. Mr Martin said: “Prior to the war, we already had significant increases in fuel prices. I am asking you to do this now.” “In that same timescale, the price of home heating oil has doubled and households are now being charged more than 700 euros (£580) for a half-fill of oil. At the pumps, we can get prices down by 25 cents (21p) per litre immediately by cutting excise duty immediately. People are already hammered by extortionate rents, unaffordable house prices and ever rising costs of insurance and childcare.

'We don't visit granny any more': the social costs of soaring petrol ... (The Guardian)

The soaring cost of driving in the UK is forcing people to scrimp on food and heating, as turmoil in energy markets puts petrol prices on course to hit a ...

“I used to visit my friends at least twice a week and now I’m only seeing them once a month or so.” “I used to put £24 or £25 [of diesel] in a week and it’s gone up to about £36,” the 52-year-old said. “We used to go through to Glasgow to visit my granny. “Normally I’ll buy things like beef or chicken or pork – I’ve had to cut it all out, I’m not having meat at all,” he said. White, who lives with his partner and four children in a rural village, said higher fuel costs meant his family had to drop extracurricular activities for their two autistic children. As these are averages, far higher prices will be appearing on forecourt totems up and down the country.”

Russia's war fuels fears of $2.50 petrol prices in Australia (The Sydney Morning Herald)

The US and UK are ramping up sanctions on Russia's energy exports and the global energy crunch has set Australian petrol prices spiralling upwards.

“Once the road system gets congested even just one more car makes a big difference,” Ms Terrill said. The announcement represents a departure from Biden’s foreign policy strategy: for the US to sanction Putin in complete lockstep with its NATO allies. The price of petrol is adding to cost-of-living pressures on Australians just weeks out from the federal election, with inflation rising at the fastest rate in years. Since Putin began his military buildup on Ukrainian borders … the price of gas at the pump in America has gone up 75 US cents ($1.03), and with this action is going to go up further.” “We can take this step when others cannot,” Biden said of his decision. “I wouldn’t be surprised if they got to $2.50,” Dr Bethune said.

'No plans to do that': Why Scott Morrison won't act to slash rising ... (The West Australian)

The average price of unleaded petrol in Perth will reach $2.09 per litre on Wednesday, obliterating the previous record set just a fortnight ago by more ...

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