The average price of petrol in Perth will surge beyond $2 per litre on Wednesday — despite the halving of fuel excise — further highlighting the extreme cost of living pressures impacting Australians just days out from the election.
Unleaded will average 205.4¢ per litre tomorrow, the highest price it has reached since late March when the Morrison Government slashed fuel excise as part of its pre-election Budget.
That moved trimmed 22.1¢ per litre off the price of petrol and diesel but the ongoing conflict in Ukraine means the savings have now all but disappeared as the global oil market continues its unpredictable run.
The wholesale price of petrol in Perth reached 180.2¢ per litre on Tuesday — an increase of nearly 30¢ since falling to a recent low of 152.3¢ per litre in mid-April following the cut to excise.
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Perth’s fortnightly petrol price cycle reaches a new peak on Wednesday when the average price charged at bowsers across the city will rocket from 177¢ per litre to more than $2.05.
Diesel — which more closely tracks changes in wholesale prices as they occur day-to-day — will increase to 204.4¢ per litre. That compares to 186.4¢ per litre a month ago on April 19.
A range of Puma outlets will charge an eye-watering 219.7¢ per litre for unleaded petrol, the most expensive in Perth on Wednesday.
The cheapest available non-member petrol is 171.5¢ per litre from Liberty Landsdale. Costco’s Perth Airport outlet is charging 170.7¢ per litre.
Without the cut to fuel excise — which is slated to end in September — the average price of petrol in Perth would be closer to $2.30.
Prime Minister Scott Morrison has repeatedly ruled out extending the excise cut if his government is re-elected on Saturday.
Speaking at The West’s Leadership Matters breakfast on Tuesday morning, Labor leader Anthony Albanese also indicated he would not extend the tax cut.
“We are very conscious about the fact that if we are successful on Saturday we will inherit one trillion dollars of debt,” Mr Albanese said.
“So we are being very responsible, very modest in our commitments.”
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