Just two weeks left for low fuel prices – find out why

Petrol prices are hitting new lows in eastern states, with Queensland, Victoria and New South Wales all reporting the lowest prices seen in over six months.

Just in time for the school holidays.

This relief comes with only two weeks left before the fuel excise cut is removed, amid a period of skyrocketing airfare prices, signifying the last break that Australian motorists are likely to receive for quite some time.

The current national capital city average for 95RON unleaded is $1.88 per litre, the lowest since we started tracking daily prices on 1 March 2022.

When the excise cut is removed – 16 days from now on 28 September 2022 – this will leap back to $2.10 per litre, a figure not seen since 11 July.

However, while it has taken just over two months for the peak average price of 95RON ($2.13 per litre) to reduce to where we are today, global crude oil prices are comparatively lower than before the excise cut was implemented.

In the week preceding 30 March 2022 (when the cut was implemented), crude oil was around $US107 per barrel, with the 95RON average around $2.17.

Currently, crude is about $US85 per barrel (about 20 per cent less), so even a jump to $2.10 should swiftly correct to just under $2.00 per litre, assuming a similar ratio balance is observed.

Whatever the case, with prices as low as we’re all likely to see for some time, and chaos at the airports, there’s never been a better time to head out on the road for a school holiday road trip while you still can!