Petrol costs peak at 30-month high

Mozo

Monday 18 April 2011

The price of petrol has hit a fresh 30-month high for car insurance customers in Australia and are unlikely to fall over the Easter break.

Petrol prices reach highest point for 30 months

According to figures from the Australian Institute of Petroleum, the average cost of unleaded petrol currently stands at 144.6c per litre, having risen by 0.7c per litre in the week to April 17th, the Australian Associated Press reports.

Most recent data from the Australian Automobile Association put the average cost of unleaded in eight capitals of the country's territories at 130.2c per litre.

And Savanth Sebastian, economist at Commsec, predicted the cost of fuel will stay high as many motorists take to the road during the Easter break.

"The staggering gain in pump prices comes despite the strength of the Australian dollar, which has done its fair share in insulating motorists from higher global prices," Mr Sebstian stated.

He added the average family is now spending $36 more on its petrol costs every month than it was seven months ago, which may lead them to opt to compare car insurance and see if they can switch to a cheaper policy.

Have a question about car insurance? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-800504315-ADNFCR

Back to top