Grey nomads who were just getting used to lower fuel prices had better start re-doing their budgets.
According to data released by the Australian Institute for Petroleum, petrol prices are on track for their largest three-month rise in nearly a quarter of a century.
The figures, published by CommSec, show the pump price has risen 13.1% so far in the June quarter. And the refinery price in Singapore still rising.
The 13.1% gain this quarter has wiped out the 12.2% fall over the first three months of the year. The price of oil around the world plummeted in 2014, thanks to increased production from the US which prompted a price war with the Organization of Petroleum Exporting Countries.
While the price drop brought financial relief to millions of motorists, especially budget-minded grey nomads travelling in large rigs, it was never going to last forever. However, CommSec chief economist Craig James told the ABC that motorists were still better off than they were this time last year.
“It’s still lower than what we were paying 12 months ago,” he said. “But it has certainly retraced a long way in a very short space of time, so we have had a very significant snapback.”
CommSec reports that petrol prices rose an average of 3.7 cents to 142.1 cents per litre over the week to Sunday.
* How does rising fuel prices affect your Big Lap budget? What have you been paying at the bowser? Comment below.