Australians hit with sudden hike in petrol prices
Petrol prices have soared to a 12-week high in what is being described as a "price cycle rip off".
The average price for most capital cities currently sits above $1, despite record low prices being recorded internationally due to a coronavirus supply glut.
How prices compare across the capital cities. Today
US crude oil futures collapsed into negative territory for the first time in history earlier this month, as coronavirus stay-at-home orders created an excess supply of both oil and gasoline.
Australia's consumer watchdog the ACCC urged motorists to shop around in a bid to coerce "slow-moving" petrol stations to pass on the record-low prices.
Drivers have been told to "shop around" to put pressure on petrol stations. (AAP Image/James Gourley) NO ARCHIVING AAP
The NRMA's Peter Khoury launched a scathing attack on the high prices, saying they were the result of profit and nothing else.
"Profit. That's basically what it has been," Mr Khoury told Today.
"What we have seen is a price cycle rip off. This is what we have had with the coronavirus crisis since the beginning.
Khoury believes the high fuel prices are the result of one thing; profit. Today
"Prices took two months to fall in this cycle, and they have taken about four days to skyrocket.
"This is the longest cycle we have seen in a very long time, and particularly in Sydney, Brisbane and Melbourne, where they have manipulated the cycle to make as much profit as they could."
Petrol prices have skyrocketed to a 12-week high. Ryan Stuart/SMH
Mr Khoury called on the government to do more to regulate prices set by oil companies.
"I think you look at Canberra as a really good example," he said."The government in Canberra had had enough. They threatened the oil companies - if they didn't drop their price, they would regulate prices in the ACT, which they can do. Prices dropped to about $1, 1.01…about 10 cents overnight."
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