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Fuel prices to smash through $2 per litre mark for first time

  • Perth’s average price of unleaded fuel to hit a record-breaking $1.95 per litre across the city with BP service stations hiking to $2.07.
  • Crude oil is surging towards US$100 per barrel on the back of hostilities between Russia and Ukraine.
  • The average cost of fuel for an internal-combustion engine vehicle is $1.50/L while EVs cost the equivalent of 0.33c per litre.

Thinking about buying an electric vehicle (EV) but not ready to lose your internal-combustion engine vehicle just yet?

This might sway you if you live in Perth. The average price of unleaded fuel will hit close to $2 per litre across Perth city today with BP service stations hiking prices to a record-setting $2.07.

There is an increase in the average price to $1.95, which is a massive 25c hike on Tuesday’s average price, making Perth the most expensive Aussie capital city to fuel up in today (February 23), based on current projections.

Should prices stay at these levels it would cost the average driver almost $700 more a year on fuel, at a time when inflationary concerns are already adding pressure to families.

Comparatively, the Electric Vehicle Council (EVC) estimates that while the average cost of fuel for an internal-combustion engine vehicle is $1.50 per litre, EVs cost the equivalent of just 0.33c per litre.

With Aussies driving an estimated 15,000km a year, this equates to a cost of 14c per km for petrol cars and 0.04c per km for EVs. A lot to consider the next time you’re driving down the highway.

The escalation of hostilities between Russia and Ukraine is likely to push energy costs higher and global oil prices are already heading towards $US100 a barrel as the two countries teetering on the brink of an all-out war.

According to the Australian Institute of Petroleum, the national average petrol price over the past week surged by 2.2c to a record 179.1c per litre.

For some, it could be the impetus to buy that EV they’ve been thinking about.

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