Sky high fuel prices continue to rise across region

MOTORISTS will not receive any reprieve at the bowser any time soon, with oil prices continuing to rise across the global market.

On March 15, Fuel Watch stated that the average price of fuel in Dubbo was 207.04c/litre, and 221.87c/litre for diesel.

Narromine’s averages were 203.05c/litre and 220.55c/litre for unleaded and diesel respectively, Wellington’s averages were 199.9c/litre and 223.9c/litre, and Orange’s averages were 206.38c/litre and 222.05c/litre.

Independent fuel company Inland Petroleum released a statement addressing the current fuel prices which have skyrocketed this year.

Director Drew Mccallum said due to the unprecedented times, the company’s Dubbo service station was seeing its highest fuel prices in over a decade.

Mr Mccallum listed the main contributors of the steep rise as trade sanctions imposed by western countries against Russia, world demand for oil growing to pre-covid levels, and the current Ukraine and Russian military conflict.

“Russia cannot export oil to these countries. Russia is one of the largest oil-producing nations globally, so if they aren’t able to ship oil to any western countries, this will undoubtedly leave a massive hole in the supply of oil, causing shortages worldwide,” he said.

“World demand for oil has recovered and grown compared to what demand was like pre-covid.

“The world economy had a very bullish sentiment, causing some of the most significant stock market gains in years until the Russian and Ukraine conflict. This bullish market has left an extremely high oil demand.

“Unfortunately, we believe we are only seeing the beginning of what could be an ongoing trend for the foreseeable future.”