Motorists may have to dip into savings accounts

Motorists may have to use money from their savings accounts now that petrol prices have increased.

Representing the fourth consecutive rise in as many weeks, fuel costs have climbed by 127.6 cents per litre.

The average metropolitan and regional rates stood at increases of 127.8 cents and 127.2 cents per litre respectively.

According to a report, economist at CommSec Savanth Sebastian asserted that this means drivers could be forking out an extra $35 a month.

"Unfortunately the outlook for motorists is not great," he commented.

This could prompt car owners to look to compare cheap credit cards.

Looking forward, Mr Sebastian said he expected the situation to improve.

"If there is any silver lining, it is that pump prices are likely to stabilise around current levels over the next fortnight," he remarked.

Petrol prices hit an eight-month high in June, when prices jumped to $1.22 a litre as a result of a rise in Singapore’s oil costs.

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