Worldwide pressures flow-on to rising local fuel prices

FUEL prices have continued to rise across the country, with central west NSW seeing an average price of 181.6 at the start of this week.

Fuel Check reported that the state’s average had increased by 0.01 cents in a day, and by 2.9 cents since last Wednesday.

The lowest price recorded in the state was 161.2 and the highest was 197.9.

The beginning of the week saw an increase in prices across the region.

Dubbo’s average unleaded fuel price was 177.35.

Narromine had an average of 175.7, Elong Elong 178.9, Wellington 175.9, Geurie 176.9, Molong 178.9, Cargo 181.9, Tomingley 175.9, Brocklehurst 169.9, Orange 171.15, and Bathurst 173.46.

The cheapest service stations in each town were United Dubbo East (E10 173.7), Liberty Narromine (E10 169.5), Elong Rural (U91 178.9), Metro Petroleum Wellington (172.9), Independent Geurie (176.9), Independent Molong (U91 178.9), Metro Orange and 7-Eleven

Orange (E10 167.7), United Petroleum Bathurst Unmanned 162.9, Independent Cargo (U91 181.9), BP Tomingley (E10 175.9), and Shell Brocklehurst (E10 169.9).

But don’t blame local staff and petrol station operators – the price hikes this year are being caused by factors out of local control. Market watchers are pointing to the international forces at play, including a dramatic increase in energy demands as Covid lockdowns ease, tensions on the Ukraine border, and supply problems at the world’s biggest oil producers.

Bloomberg reported this week that key per-barrel prices for oil had hit their highest levels since 2014.

“The oil market globally is roaring higher because of demand that’s exceeding what some organisations – including the International Energy Agency – had been anticipating. That surge in consumption has compounded the fact that nations in the OPEC+ producer alliance are not managing to pump as much crude as they had said they would,” Bloomberg reported.