Average petrol prices have increased by 7% in the past 3 months, hitting a 4 year high in Australia’s largest cities, according to the Australian Competition and Consumer Commission's latest petrol monitoring report.
The average annual prices steadily fell between 2013-14 and 2016-17 financial years.
However, in 2017-18 the average price of petrol increased overall by nearly 10 per cent compared with the previous year.
ACCC Chair Rod Sims said the major factors driving higher prices were an increase in international crude oil and refined petrol prices, and a lower Australian to US exchange rate.