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Gas station prices near record but when will they drop?
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Record gasoline prices cause stress for households and businesses.
However, a drop in global oil prices doesn’t necessarily mean that the price you pay on bowser will drop immediately.
“Over the last two weeks, we’ve actually seen oil prices drop by around $22 a barrel,” said Mark McKenzie, chief executive of the Australasian Convenience and Petroleum Marketers Association.
Mark McKenzie represents gas station owners and thinks pump prices will drop in the coming weeks.(ABC Illawarra: Sarah Moss)
Global prices for crude oil – which is then refined into gasoline and other products – have fallen about 15 percent in the past month.(ABC News: Alistair Kroie)
However, the situation is complicated, with several factors — such as the invasion of Ukraine, refinery capacity, expensive pre-election promises, and a potential recession in the United States — all generating differing views on whether gasoline prices will fall and, if so, when.
Costs spike at the pump
Gasoline prices have almost doubled in two years.
The median price of a liter of unleaded fuel in Australia last week was $2.11, according to the Australian Institute of Petroleum. (Capital average is $2.09, regional average $2.13).
A former Qantas baggage handler has exposed the chaos behind the scenes as the airline struggles to save its sinking reputation with travelers experiencing long delays and flight cancellations. The man who chose not to be named claimed that after 1,800 baggage handlers were laid off during the Covid-19 period and work was outsourced to third-party contractors, baggage was left in rooms for weeks and even planes broke down. “Yeah, when the pandemic hit, we got JobKeeper for a while and were given enforced redundancy,” he told Nine’s Today Show. ‘Many men don’t want to go. Many older men with more than 35, 30 years experience, they don’t know how to apply for jobs online. So it affects older people. An unnamed former Qantas baggage handler said the airline had suffered since it fired its experienced ground crew and replaced them with inexperienced contract workers. The former Qantas employee said morale plummeted after experienced baggage ...
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