right now, the easiest way to tell your friends you’ve won the lotto is to tell them you filled up your car… to the brim. it’s no doubt that your bank account must be stacked if you’re filling up your car to the max while petrol is sitting at over $2.20 per litre.

we’ve had people telling us of their $200-, $250- and even $300-per-tank nightmare stories: people with custom 4wds that have two fuel tanks or classic/sports cars that ‘need premium, dude – premium!’, if you fancy a simpsons quote. so, if you’re not in that category and you’re only (only?!) spending $117 to fill up your pulsar, you should consider yourself lucky.

but if you want to get to the bottom of this mystery, and stay far, far away from the bottom of your petrol tank, keep reading. here’s why australian petrol prices are continuing to climb.

oil prices are going through the roof

crude oil, the key ingredient in petroleum, has gone through the roof in terms of price – a stark contrast to the early days of the covid-19 pandemic when it bottomed out. while those were never what we’d call “the good ol days”, you could buy petrol for around 84 cents per litre… the only problem being, you couldn’t drive anywhere due to lockdowns and curfews. 

but crude oil has shot up since then. why, you ask? let’s find out.

russian invasion of ukraine

when vladimir putin decided to invade ukraine, he inadvertently caused our petrol prices to skyrocket too – just another reason to dislike the odious dictator of russia. 

since russia’s invasion of ukraine, australia and the rest of the world have imposed heavy sanctions on russia’s exports, including oil. in other words, we stopped buying cheaper oil from the world’s second-largest oil producer, russia. this means we’ve had to source our oil elsewhere, driving up the price by a mile. thanks, putin.

what can you do to save petrol in a time when you need to?

hopefully, the high petrol prices are only temporary. but in the meantime, how do we save precious fuel?

  • drive more economically
    no more burnouts and drag races, unfortunately. you should also be wary of accelerating from a red light too quickly, and being a lead-foot. 
  • invest in a more economical car
    high petrol prices may only be temporary, but a more economical car is a permanent investment.
  • novated lease
    entering a novated lease means your fuel costs can be deducted from your payable tax.

been thinking of investing in a more economical or hybrid car? talk to the guys at fingo. they can help find you the perfect car for the perfect price. fingo have access to a database of over 2,000 dealerships australia-wide, making the search for an economical or hybrid car incredibly easy. get in touch with them today.

Fingo Finance