Connect with us

Business

Why Australia is seeing fuel prices increase, despite demand dropping

Published

on

Aussies are spending more at the bowser as fuel prices rise across the nation

Cuts in oil production by the OPEC cartel and other big producers combined with demand rising in other countries has meant Australia has copped the rise in fuel prices.

Despite the demand for petrol dropping in Australia, prices are right now at the highest level pre-COVID.

The average price of fuel rises to in every major city

Average prices for regular unleaded petrol reached 164.7 per litre during the past week in Sydney with prices at some of the major service stations as high as 175.9 cents per litre.

The average price of a litre of petrol this week is 165.7 cents in Perth, 159.6 cents in Melbourne, 146.9 cents in Darwin, 149.9 cents in Hobart, 136.4 cents in Adelaide and 150.6 cents in Canberra.

Crude oil prices are to blame

A report released by the ACCC has reported the higher petrol prices were due to rising international crude oil prices that were above the inflation-adjusted 40-year average of $61 USD per barrel for the first time since December 2019.

ACCC Chairman Rod Sims stated that crude oil supply from the Organisation of the Petroleum Exporting Countries was responsible for the higher petrol prices.

“The OPEC cartel controls a huge amount of global oil supply. Its agreements to restrict supply means higher crude oil prices which largely influence refined petrol prices,”

Despite not returning to pre-COVID levels the petrol demand recovered over towards the end of 2020 but dropped off again in the March quarter as restrictions remerged.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Business

Germany recalls Tesla models due to emergency fault

Published

on

Tesla is in the spotlight again, with Germany’s road traffic agency recalling models Y and 3 due to a fault in the automatic emergency call system

It’s a fault that could possibly impact around 59,000 vehicles globally.

Germany’s watchdog says a software flaw is causing a breakdown of the e-Call, a system designed to alert authorities after a serious accident.

The glitch follows the company delivered almost 18 per cent fewer electric vehicles in the second quarter than in the previous.

This is largely due to China’s Covid-19-related shutdowns and the ongoing supply chain crunch.

Meanwhile, CEO Elon Musk says Tesla’s new factories in both Texas and Berlin are “losing billions of dollars”.

Continue Reading

Business

World’s first city to charge tourists for visiting

Published

on

If you’re lucky to be heading abroad this summer, a visit to the famous canals in Venice, Italy might be on your itinerary, but beware of new fees to come.

Venice will charge most of its visitors an entry fee from next year as it tries to tackle overcrowding.

The city’s tourism chief says Venice are pioneers and will be the first city in the world to apply a measure that could be revolutionary.

From mid January next year, day-trippers must book their visit online before travelling.

They will pay a basic fee of 3 euro, which will rise to 10 euro at peak times.

Tourism is bouncing back in Venice after the pandemic with daily visitors again often outnumbering the 50-thousand residents of the city centre.

The scheme will be closely watched by other popular tourist destinations, overwhelmed with travellers around the world.

Continue Reading

Business

Pubs in UK declining by thousands, new research

Published

on

It’s no secret Brit’s love their Pub Grub, but plating up Bangers and Mash is a tradition on the decline

The number of pubs in England and Wales is continuing to fall, hitting its lowest level on record this year

After struggling through Covid the industry now faced soaring prices and higher energy costs, it warned.

There were just under 40-thousand pubs in June, down by 7,000 in the past decade, according to new research.

In fact, thousands of pubs have closed as younger people drink less, supermarkets sell cheaper alcohol and the industry complains of being too heavily taxed.

Pubs which had “disappeared” from the communities they once served had either been demolished or converted for other purposes, meaning that they were “lost forever”.

Continue Reading

Trending on Ticker

Copyright © 2022 The Ticker Company PTY LTD