Australian petrol prices are trending toward the record highs witnessed in March as the reduction in fuel excise introduced by the previous Coalition government has had little effect on the global price movement.
In its latest weekly report, the Australian Institute of Petroleum said the national average retail price for petrol in the week ending May 22 surged 14.1 cents to $1.99 a litre (US$5.33 a gallon), marking the fifth consecutive weekly rise.
