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Sydney Petrol Prices Reach Highest Amount In Four Years

The NRMA are currently recommending that drivers shop around before pulling into a petrol station to fill up after Petrol prices have reached an all time high in Sydney.

The average price per litre is currently sitting at a whopping $1.50 per litre, which is the highest price for petrol since 2014.

The surge in Sydney petrol prices appears to be due to a 67 per cent increase in world oil prices since June last year, with fuel currently trading at US$75 a barrel.

This major average retail price is almost 20 cents more expensive than the price that wholesalers pay per litre, with the Terminal Gate Price sitting at $1.31.

NRMA spokesman Peter Khoury has said that there will be little respite for commuters in the short-term with prices expected to continue to rise.

“The continued tension in the Middle East, proposed sanctions against Iran and Russia and cuts t production by some OPEC members have unfortunately resulted in these almost four-year highs at the bowser and it is Australian families who are bearing the brunt,” said Mr Khoury.

“This is unwanted news - the average household in Sydney currently spends of $17,000 a year on transport costs and these current price hikes will only add further strain on the family budget.

“Until prices begin to fall in accordance with the price cycle we are encouraging motorists to shop around before filling up. According to the MyNRMA App the gap between the cheapest and most expensive service station in Sydney is over 40 cents per litre.”

People who use various apps such as the MyNRMA one which allows drivers to find the lowest prices of petrol in their area may be able to find petrol for as low as $124.9 currently in Sydney.

The cycle of petrol-prices is set to fall in the next few weeks to land at a low-point of around $1.31 to $1.33 per litre.

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