How expensive is fuel in Australia right now?

How have petrol and diesel prices changed over the last year? Chasing Cars crunches the numbers

Have you been to the pump lately and found things to be considerably more expensive than before? Well, petrol prices are on the rise, with up to 18 percent increases compared to October last year.

However, diesel prices are actually somewhat lower than this time last year, where the price peaked at 226.5 cents per litre.

E10 and 98 prices have both increased from what they were last year, but have recently seen increases since September 5.

Let’s take a quick look at the main petrol and diesel prices

Fuel price is based on the Sydney 2000 postcode. Data supplied by NSW Fuel Check.

E10 (94 octane)

Since September 5, E10 petrol has increased from 197.3 cents per litre to as much as 212.6 cents per litre.

Not all cars can run on E10 fuel – many need premium unleaded

When we last reported on fuel pricing back in April 2022, we found E10 fuel to be priced at 165.7 cents per litre.

That works out to be an sizeable increase of 28.3 percent.

Premium 98 octane

If you’ve got a performance vehicle, or simply believe in putting higher octane fuel in your vehicle, then you’ll be in for quite a shock.

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Since September 5, 98 octane fuel in Australia has increased from 221 cents per litre to 234.8 cents per litre as of September 18, a difference of 6.2 percent.

When we reported on fuel prices back in May 2022, 98 octane was priced at 191.3 cents per litre. That works out to be an increase of 22.7 percent

Why are these prices so high?

Fuel prices were actually down in March 2022 as a result of the Australian government cutting the fuel excise (or fuel tax) to help keep fuel affordable for the masses.

The war in the Ukraine and COVID-19 has impacted fuel prices in the past

The ongoing war in the Ukraine and the COVID-19 pandemic were some of the reasons why petrol had become very expensive.

It’s worth remembering that the fuel price we pay is made up of a few key things: government taxes, international cost of oil, cost to wholesalers for fuel import, refinement, storage and transportation and of course wholesaler and retailer profits.

It’s uncertain what has caused the recent fuel price increases.

Electric cars are the way forward from here

Diesel has gone down in price since this time last year

Since September 5, diesel, a very popular fuel type in Australia, has increased from 216 cents per litre to 220.8 cents per litre.

However, since October last year, diesel has actually become cheaper. In October, diesel was averaging at 226.5 cents. That works out to be a 2.51 percent decrease over the year.