Petrol Prices Up by 18 Cents/Litre over the Past 12 Months
Petrol prices rose by an average of 18 cents/litre in the 12 months to end November, according to the latest petrol price information released by the Australian Automobile Association (AAA) today.
"This is an increase of over 20 per cent", said Lauchlan McIntosh, Executive Director of AAA, when commenting on the latest figures.
This increase could have been moderated if the Government had kept its promise not to increase pump prices when the GST was introduced in July.
"Worse is to come, said Mr McIntosh, since a further 2 cents/litre is expected to be added to petrol prices unless the Government decides to freeze the indexation of excise when an adjustment is due in February.
If the Government fails to act, it alone will have been responsible for an increase of around 5 cents/litre which will have netted the Government around $1.5 billion per year in additional revenue", said Mr McIntosh.
Other features of the latest price information reveal that petrol prices in Australian capital cities for the month of November showed some variation with average petrol prices falling by only 0.1 cents/litre in Sydney during the month. In Melbourne, prices fell by 1.5 cents/litre, in Brisbane by 0.4 cents/litre and Hobart by 1.1 cents/litre.
However, prices actually rose by 1.5 cents/litre in Adelaide and by a staggering 2.7 cents/litre in Perth despite little change in oil prices in the month after adjustment for movements in the exchange rate.
At current price levels of around 95 cents/litre in nearly all capital cities, motorists face a tough time over the Christmas holiday period, Mr Mclntosh lamented, as families would normally travel greater distances over this period.
Mr McIntosh said a recent survey of total motoring costs by the RACV had shown an increase of around 5% for a family car since the introduction of the GST.
"An announcement by the Government of a freeze to the indexation of fuel excise in February would be a nice Christmas present for motorists", he said.
Full petrol price details are available through the AAA website.