Last Updated 28 Jan 2021

Rising Petrol Prices

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Rising petrol prices 1) When and how did the cost of petrol start to rise? 2) Are there anybody else who is involved other than the drivers of motor vehicles? 3) Can we overcome the rising costs of petrol?? 4) Are there any advantages of the rising of petrol costs at all?? 5) How does the rising costs of petrol affect the Demand, Supply, Employment and Income section of the cycle?? Petrol prices have been continually soaring throughout the decades with GST (goods and service tax), the level of demand, the gulf war and the fact that we are running out of it being the main factors.

In some cases the level and extent of competition of petrol companies in a particular location may also be a factor. Motor Vehicle drivers aren’t the only ones who’s suffering from expensive petrol, Aviation companies are also effected, recent surveys have shown that 28% of aviation companies prefer going for a more direct routing to their destinations, 40% found flying at slower speeds to save petrol, 19% cut back on hours flown, 15% started tankering fuel (getting it while it is at a lower price to save money).

We certainly cannot overcome the rising of petrol prices but people in Australia and around the world are trying to help by changing their driving habits, using public transport more often and coming up new ways to make cars more fuel efficient. It is quite obvious what the disadvantages are when it comes to talking about the rising costs of petrol but when it comes to advantages I think that people are starting to cut back on shopping sprees, dinner dates and night outs because they want to save money and use it for petrol.

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There are also fewer teens on the roads because most of them obviously can’t afford petrol when the prices are this high which means that there are less drunk road accidents. A lot of people are also losing weight as a result of using bicycles to save petrol. ----------------------- A lot of people in the world want oil all at the same time. Oil reserves are running low on Fuel. (Oil supply do not meet demand expectations) They do not make as much money Employment stays the same DEMAND (goes up) Supply Employment Income

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Rising Petrol Prices. (2018, Feb 21). Retrieved from https://phdessay.com/rising-petrol-prices/

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