How does this compare to the change in purchasing power over the same period of time. IE increase in minimum wages, average weekly earnings. Tax rates and imposts back then were very different to today. Consumer expectations were more modest in the 1970’s.
Petrol is one of those commodities that has not changed that much (except lead free today) over the prior 5 decades. The extra typically 50-70cents we pay today for petrol deserves explaining. The cynic in me suggests some products increase in cost to what the market will bear. Complex for Governments, the international relationships in upstream petrochemical production and oil resource ownership.
Someone on the minimum wage in 1978 would have received after-tax pay of $2.21 per hour. The comparable figure for today is $20.04. One hour’s pay in each time would buy roughly 10 litres of petrol, so not much has changed.
Whilst the current USD price per barrel of oil is similar to that of 1978, the AUD was worth around USD1.10, it is currently worth around USD 0.68. Factoring this in, your $1.28 per litre becomes $2.07.
What this likely indicates is that in 1978 were we being overcharged just as much as we are today.
In those days weren’t all the servos the same price or close enough regardless of where, and delivered full service not just taking one’s money? Some remember it as civilised in its own way, even if a ripoff.
