Drivers holding out on the red light will have to run on fumes a little longer with petrol prices to climb even further on Thursday.
The average price of unleaded in Perth reached 208.9c per litre on Wednesday, obliterating the previous record set just a fortnight ago by more than 20c.
That will now be eclipsed by a new all-time high average of 212.4c per litre on Thursday, up 3.5c from the previous record.
No luck for diesel drivers either, with a new record average high of 197c per litre in Perth on Thursday, up 6.6c from Wednesday.
Thursday’s cheapest unleaded petrol can be found at Puma High Wycombe for 179.7c per litre, Vibe Morley for 183.9c per litre and Ampol Foodary O’Connor for 169.9c per litre.
The slight increase from Wednesday is his is due to some fuel outlets increasing their prices a day later in the fortnightly cycle, according to Fuel Watch.
Wednesday was the first time petrol has soared beyond $2 per litre on average, after reaching the $1.95 on February 23 as part of Perth’s two-weekly price cycle.
That was the day before Russia invaded Ukraine, a conflict that has sent oil prices to stratospheric levels amid fears of supply disruptions.
According to the WA Treasury Corporation, the price of a barrel of Brent crude oil has surged by around US$30 in the past fortnight to more than US$124.
The US and Europe are considering banning imports of Russian oil and gas in a further escalation of crippling sanctions imposed for the war in Ukraine – a move that would likely send the prices skyrocketing to even greater heights.
“Oil prices surged to the highest levels since their record highs in mid-2008 on news that the US and, more importantly, its European allies are considering banning imports of Russian oil,” WATC wrote in its daily update.
“The price of Brent crude oil has risen by US$30/bbl since Russia invaded Ukraine in late February.”
RAC Manager Vehicles and Fuels Alex Forrest said WA on Wednesday said the unprecedented prices were making it “more and more difficult for motorists to save money at the pump”.
“Even filling-up at the bottom of the price cycle is expensive, with average prices sitting at $1.79 on the cheapest day,” Mr Forrest said.
“Fuel is a constant and unavoidable expense for most households and petrol retailers continue to make average margins of 26 cents a litre on the most expensive days.
“Petrol is an essential purchase for most, so it’s extremely disappointing fuel retailers continue to seek to boost their bottom lines while Western Australians struggle to simply fill up their tanks.”