this post was submitted on 16 Aug 2023
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Motorists are paying more for petrol now than they have all year — and it's likely to stay that way for weeks (www.abc.net.au)
submitted 1 year ago by trk@aussie.zone to c/australia@aussie.zone
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Why petrol is costing more at the pump

Petrol price cycles in Australia are highly volatile at the best of times, but Vivek Dhar, mining and energy economist at Commonwealth Bank, said there were two main reasons why petrol prices across the country have surged in the past week.

"One has been a tightening of oil markets, and that's driven by one resilient demand, as well as OPEC+ supply cuts, which is a group of countries that control about 40 per cent of global supply," he said.

"That has, for us, been instrumental in driving oil prices higher and tightening oil markets.

"The second factor has been a fall in the Australian dollar ... and as the Australian dollar falls, it makes it more expensive to buy petrol."

Also this seems important:

Those wholesale price movements make up around 85 per cent of what motorists pay at the pump .... while the remaining 15 per cent is from retail price movement.

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[–] prime_factor@aussie.zone 4 points 1 year ago (1 children)

Just saw the most interesting bodgy setup in Brunswick, with the charging cable ran through the stormwater drain leading to the house.

[–] LineNoise@kbin.social 1 points 1 year ago

Yeah fairly common to see in the inner west now as well. People don’t have a tonne of choice but it’s not particularly safe, either electrically or for pedestrians who may not necessarily be able to navigate over the top of it all.