You are using an older browser version. Please use a supported version for the best MSN experience.

Canberra motorists pay more at the petrol bowser

Canberra Times logo Canberra Times 26/05/2014 Henry Belot

Canberra motorists continue to pay more for petrol than those in Sydney or Melbourne with prices expected to peak across the nation in the coming days. 

According to the Australian Institute for Petroleum, the average price of unleaded petrol remained stable in Canberra despite the national average price falling below the $1.50 mark for only the second time in six months. 

The national average price dropped 0.7 cents last week to 149.5¢ a litre while in Canberra petrol was 157.3¢.   

But Commsec economist Savanth Sebastian said motorists around the country would not be able to cash in on savings at the bowser for long.

"In major capital cities petrol prices are poised to jump to historically high levels over the next couple of days, meaning that consumers will retain conservative spending habits," he said.

"Prices are now drifting higher with the peak in the cycle likely to be in the next couple of days."

Sydney, Melbourne and Brisbane all recorded price drops between 1.4¢ and 4.3¢ per litre last week, while prices increased by 12.4¢ a litre in Adelaide. Canberra prices remained steady at 157.3¢ a litre.

It is now almost 15¢ a litre cheaper to fuel your vehicle in Melbourne than in Canberra. Darwin remains the most expensive city to refuel at 173¢ a litre followed by Hobart at 160.6¢.

Mr Sebastian said the fall-out from the federal budget and the fuel excise would influence petrol prices in the coming months, along with seasonal pressures.

"Retailers are already under pressure with the warmer weather depressing winter clothing sales and they will need to continue near-term discounting and keep prices low in the lead-up to end of the financial year," he said. 

Petrol prices continue to fluctuate with the average weekly price in Sydney, Brisbane and Adelaide changing by up to 17¢ in the past three weeks.

"The volatility in petrol prices across capital cities doesn’t appear to be helping anyone, just confusing motorists and making life difficult for retailers," Mr Sebastian said. 

Average capital city petrol prices in the week to Sunday, May 25:

• Canberra: unchanged at 157.3¢
• Sydney: down 1.4c to 144.4¢
• Melbourne: down 2.3c to 142.4¢
• Brisbane: down 4.3c to 147.7¢
• Adelaide: up by 12.4c to 153.2¢
• Perth: down by 0.1c to 151.6¢
• Darwin: unchanged at 173.0¢
• Hobart: up by 0.1c to 160.6¢

More From Canberra Times

Canberra Times
Canberra Times
image beaconimage beaconimage beacon