Going up: A Shepparton service station on March 10. Over the long weekend this site raised unleaded prices to 211.9¢/litre.
Photo by
Megan Fisher
Things are really starting to hurt at the petrol bowers, with regional fuel prices tipping over the $2/litre mark on the long weekend.
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In Shepparton on Thursday morning, March 10, BP South Shepparton was retailing Unleaded 91 for 201.9¢/litre while BP Mooroopna was retailing the same fuel for 189.9¢/litre.
The city’s average fuel price on March 10 was 199¢/litre.
On Monday, March 14, Shepparton’s average fuel price was 208¢/litre.
Other major highway towns such as Tocumwal, Echuca, Kerang and Deniliquin all cracked the 200¢/litre mark over the long weekend.
Smaller regional towns lag behind the price.
On March 10, Tatura’s highest price U91 was retailing at 190.9¢/litre, Rochester’s highest was 184.9¢/litre and in Yarrawonga the highest retail was 199¢/litre.
Prices in Hume Fwy towns increased but kept themselves attractive for travellers, staying under 200¢/litre on Thursday but reaching the 200¢/litre mark by Monday.
In Euroa, the highest U91 price was 203¢/litre and Benalla’s highest was 205.9¢/litre.
This latest price jump reflects the US barrel price, which has been going haywire due to the Russian war in Ukraine and reaching US$130 a barrel.
On March 8, US President Joe Biden announced a ban on Russian oil imports.
Russia accounts for eight per cent of US crude oil and petroleum imports.
Oil traders are predicting the barrel price will hit US$200 if Europe joins the US in banning Russian imports.
Europe is far more reliant on Russian fossil fuels and will need to source large quantities from elsewhere at short notice if leaders do ban Russian imports.
This will put pressure on all oil fields and increase global oil prices.
Russia is the second largest crude oil producer in the world, just behind the US.
Revealing: As an Asia-Pacific buyer, Australia looks to the Tapis Crude Oil and Brent indexes for oil prices and the MOGAS95 PETROL for unleaded prices. The week ending March 4 was the first week where the Tapis and MOGAS95 broke AU$1/litre.
Photo by
Daneka Hill
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