√Fuel prices are all climbing, but one type is rising faster than the rest

Are you better to change fuel ‘flavours’ as the price rises? Quite simply, no.

Fuel prices are on the increase across the board. In the past week, prices for 95RON unleaded have jumped considerably to a national average of $2.22 per litre.

Prices in the ACT have increased a whopping nine per cent (from $2.16 to $2.36 per litre) this week alone.

That puts the national average of 95RON unleaded at $2.22 per litre, 1.5 per cent higher than it was at the peak of the price increase caused by Russia’s invasion of Ukraine, and just 86 days since the 22.1-cent excise cut was implemented.

Without this relief in place, 95RON unleaded would be $2.44 per litre, or 26 per cent up on the national average ($1.94/L) prior to the Ukraine crisis.

While these increases are marked, the rise has been uniform across all key petrol products, with the approximate 12-cent premium asked of 95RON over 91-octane, and the 10-cent extra step from 95- to 98-octane unleaded, all remaining constant.

This means if you were happy to splash a bit of premium 98RON fuel in your car earlier in the year, you aren’t paying any more for that decision now. It’s just the baseline increase on all fuel products.

However, diesel users have seen a steeper climb of late.

In late May, the pump prices for 95RON and diesel were on par, at around $2.05 per litre. In the past 30 days, 95RON unleaded prices have increased around $0.12 where diesel is up $0.20, putting it in line with top-of-the-line 98RON premium unleaded.

But if you’ve got a diesel in the driveway, don’t start panicking yet, as while this rise may seem considerable, the efficiency benefit of the car still has you in front.

Comparing a 2022 Mazda CX-5 Touring with 2.5-litre petrol (91RON) and 2.2-litre turbo diesel engines, the average weekly mileage of 250km (well aware of the contrasting measurement units in play there) would have seen a cost around 25 May of $36 for the petrol (at 7.4L/100km on a combined cycle) and $28 for the diesel (at 5.4L/100km).

With the increase in both fuels, this lifts the weekly cost to $38 in the petrol and $30.50 in the diesel. That extra $2 is better saved on avoiding a Mars Bar at the petrol station checkout.

Click here to read examples of what the increase in fuel cost will mean to your tank.

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