Gasoline prices have been rising for a number of years, with a surge in petrol and diesel prices in the wake of the financial crisis.
The price of petrol and petrol-based products, which are used to produce diesel and petrol, have increased dramatically in recent months.
While petrol prices have seen an increase, the average price of diesel and diesel-based petrol has remained stable at around $3.50 a litre, according to the Australian Bureau of Statistics.
Gasoline prices rose sharply in April and May when a glut of diesel fuel forced prices to rise by around $10 a litres.
It was also a time when fuel prices were rising, which led to the demand for cheaper fuel.
But now prices have fallen by around 50 per cent since then, according the Australian Petroleum Production and Exploration Association (APPEA).
While the average daily price of gas has been rising steadily, the APPEA says it is still not clear if the price of fuel is going to increase again in the near future.
“It’s difficult to predict, given the current supply and demand constraints, but the average fuel price is still expected to rise, although it’s not yet clear whether this will be more of a sustained rise or whether prices will return to where they are today,” APPEACA spokesman Tim MacPherson said.
The APPEAA said it expects the average monthly price of gasoline to be between $1.30 and $1,30.70 per litre in 2020.
“As the Australian economy strengthens, and as the price for petrol and fuel continues to fall, it is important to recognise that the future for the Australian petrol and petroleum industry is still very uncertain,” Mr MacPhearson said.
Gas prices are also expected to remain relatively stable until 2021.