The cost of unleaded petrol hit a record high of over $2.20 a litre in June this year. 9News
- caused enormous volatility in the cost of oil and OPEC countries clamped down on supply.
"On top of all that, you have OPEC and other oil-producing countries putting an artificial lid on production to inflate the price of the barrel," Khoury said.Khoury said 2022 has been an absolute "nightmare" in giving Australians reliable advice.Diesel prices were at a historic peak all year, but by December, international oil prices plummeted by half meaning fuel prices dropped to below $1.60 across Australia.
The Albanese government didn't offer any cost of living sweeteners in their October budget but said it plans to offer power price relief in the new year.The takeaway message from experts is that it's impossible to tell, but even if the government did try to intervene, it's unlikely measures would make a difference in terms of petrol costing.Khoury said any change in global factors could have "an immediate effect on oil prices".
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