PETROL prices hit their highest price in nearly four years in May, with some drivers paying $1.60 for fuel.
The Australian Competition and Consumer Commission's latest quarterly petrol report shows petrol prices jumped dramatically in major cities during April, after growing concerns about risks to global crude oil supplies pushed up international oil prices.
"Consumers have recently been paying around $1.60 for petrol. These prices are higher than any time since mid-2014 in some cities," the commission's chairman Rod Sims said.
"Unfortunately, the international factors pushing up wholesale petrol prices mean that these higher prices are being passed on to Australian motorists at the petrol bowser."
According to the report, the rise has been influenced by a number of factors, including agreements by the Organisation of Petroleum Exporting Countries and concerns about the risks to international crude oil supplies.
The commission is prompting motorists feeling the pinch to shop around using fuel price websites and apps.
"With prices reaching four-year highs, it's more important than ever that consumers who can, take advantage of the fuel websites and apps freely available to find the cheapest petrol prices in their area," Mr Sims said.
"While consumers cannot do much about rising international prices, they can shop around to find their lowest local price. Our first industry report showed that retailers' prices are not the same-retailers do price differently and have different strategies to get you to fill up with them."
