Petrol prices in Sydney and Melbourne reach new highs due to lack of competition in the industry.
Petrol prices in Sydney and Melbourne have hit new highs, with a lack of competition in the industry being blamed for the surge. High prices risk keeping inflation higher for longer and reducing the chance of interest rate cuts. NRMA spokesman Peter Khoury said service stations in major cities are charging higher prices, with over 50% of stations in Sydney reaching the highest price during the last cycle.
May 11, 2024
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