Australia’s cost of living crisis has been laid bare after Sydney residents rushed to a local petrol station upon hearing that prices were much lower than normal.
By the time most arrived, however, the price had fluctuated and was back to a more expensive level.
On Saturday morning, just past 9am, a thoughtful resident spotted that petrol prices were unusually cheap at a service station in Randwick, in Sydney’s east.
She took a quick snap and shared it a local community group, prefacing the image with “Cheap petrol Clovelly Rd.
“I don’t drive but plenty of cars buying.”
It was as low as 115.8 and 129 cents per liter (unleaded and premium unleaded respectively) but just an hour later, the prices had jumped to 161 and 175 cents per liter.
The original poster promised to notify her community if she spotted low prices again.
The current average price for regular unleaded fuel in Sydney is at 169.1 cents per liter, according to the NRMA’s weekly fuel report.
It comes as Australia has been caught in the throes of a cost of living crisis as inflation, rising interest rates and supply chain issues have made it harder to get ahead financially.
In the last quarter, transport costs rose 13.1 per cent as the price of fuel rose to record levels for the fourth quarter in a row.
Prime Minister Anthony Albanese has previously said he would not extend the 50 per cent fuel excise cut, due to expire September 28, due to the cost to the budget bottom line.
To extend it for another six months would cost the government $3 billion.
Last month, data found that Australians were spending nearly three-quarters more on petroleum each month than they were less than a year ago.
In June, the average monthly spend on petroleum in Australia was $192.63, an increase of $82.05 (74.19 per cent) from September 2021.
These heavy prices have made Australians become more strategic and considered with their driving habits, with more than 60 per cent now shopping around for cheaper fuel.
—With NCA Newswire