The painful surge in petrol prices in the last few weeks in Australia have caused a lot of financial heartache for motorists.
The price of petrol has become an ongoing joke as it surpassed $2 a litre in the last two weeks, meaning Australians will be paying at least $100 to fill up their cars, and with the ongoing war between Russia and Ukraine, it doesn’t look like prices are going to drop any time soon.
Commonwealth Securities senior economist, Ryan Felsman says there is a risk the price of petrol could “shoot up to 150 bucks a barrel as tensions in the Ukraine escalate.”
Though fuel predictions are expected to rise even further, some people are seeing the funny side of the situation and taking to social media to share their hilarious reactions.
Good to see petrol prices coming down. pic.twitter.com/zKBjvGaJ1B
— No Context Brits (@NoContextBrits) March 13, 2022
Petrol prices got me thinking about the whippopotamus pic.twitter.com/bqlm1jyzwB
— Claude Waffles (@bigmanwaffles) March 15, 2022
Petrol prices at all time high pic.twitter.com/AwFIoYP9el
— Malcolm Butterworth (@oxo6) March 8, 2022
Oil prices were already at a record high as demand increased after Covid-19 but continued to surge after Russia was hit with global sanctions.
Since US President Joe Biden’s ban on all imports of Russian old, prices have jumped a whopping 7 per cent.
Tell me petrol prices are too high without telling me that petrol prices are too high…. ???? pic.twitter.com/PL6bieYW0h
— TheGladiator (@TheGladiatorHC) March 15, 2022
Diesel and petrol prices so high my postman is working from home. Yesterday he rang me to read me my bills…
— Duchess dee lomas #FBPE #FBPR #GobshiteClub (@deelomas) March 12, 2022
My cousin complaining about petrol prices and doesn’t even have his learners. Must be complaining for the bus driver
— Joe Daymond (@joedaymondnz) March 10, 2022
Treasurer Josh Frydenberg is currently in the works of putting together his March 29 budget, with loud calls from consuemr for a cut in the 44 cents per litre fuel excise.
However, Deputy Prime Minister Barnaby Joyce isn’t too keen on the idea, explaining how cutting the fuel excuse won’t help ease the increasing cost of living.
“But what it will do is take away money we spend on roads – we still need to keep our roads moving, we still need to keep our trucks moving,” he told Sky News.
Despite many of Prime Minister Scott Morrison’s own party suggesting a temporary tax deduction, the PM had refused to make any promises regarding the fuel excise tax cuts.
“I think Australians know that what’s happening with petrol prices at the moment is being caused by what’s happening with the war in Europe,” Morrison told Channel 9.
“And so we’re working with other countries around the world at the moment in terms of releasing fuel reserves to try and alleviate the pressure on fuel prices.