Recent developments in the Middle East will certainly cause pain at the pump in the coming weeks and months.
While we fear for innocent civilians in the war-torn regions, as motorists we should also expect an increase in crude oil prices here pushing up the price of petrol and diesel.
Experts forecast the current price for a barrel of oil to rise from US$88 to US$100.
That’s bad news in the run-up to Christmas and for inflationary stretched household purse strings.
After Russia advanced on Ukraine last year, oil prices dramatically increased nearly 30 per cent to a staggering $US128 a barrel.
The hike in fuel costs has a serious flow-on effect for us all.
Higher fuel prices will nudge up inflation and compromise the recent relief of months with no interest rate rises.
Spare a thought for the trucking companies hauling our consumables across the country, our fruit and veg, your new couch...
Pain at the pump is likely to push up prices at the supermarket too. All the more reason to shop smarter for your fuel.
I’ve previously encouraged you to download fuel price apps on your smartphone. This is another great reason why you should.
According to the Australian Institute of Petroleum, over the last two months, Melbourne motorists paid an average of $2.10 per litre for unleaded petrol.
Have we become complacent about paying over $2 per litre for fuel? I certainly hope not.
I long for the day when pain at the pump eases (and for humanity to become more… human).
Words: Geoff Gwilym. As published in the Herald Sun 27 October 2023.