Petrol prices in Melbourne look set to skyrocket. Source: AFP
FUEL prices skyrocketed to as much as $1.65 per litre in Melbourne today, and economists are warning the flow-on effect from the threat of war in the Ukraine may push them even higher.
The average price for unleaded fuel sat at $1.55 per litre in Melbourne today, according to the RACV.
But dozens of petrol stations across the city were charging as much as $1.65 per litre.
Some outlets were still offering prices below $1.50 per litre, with the lowest being $1.41, but those prices are likely to rise in the coming days.
Experts say the rise is partially due to the fact Melbourne’s fortnightly petrol price cycle has reached its peak.
But a jump in the wholesale international petrol price, reportedly due to Europeans stockpiling oil because of the threat of war in the Ukraine, may also be a factor.
According to a Channel 7 report, this effect could take up to three weeks to filter through, but will mean much higher prices when it does.
“If there’s a drawn out military campaign across Europe, well that could have a serious implication for raw prices and push raw prices up significantly higher,” Commsec economist Savanth Sebastian said.
Melbourne reached its record price for unleaded fuel of $1.69 in 2008.
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