With petrol prices soaring, is now the time to go electric?

If the conflict intensifies, experts warn we haven’t seen the worst of it. Shane Oliver, chief economist at AMP, notes that for every US$1 rise in global oil prices, you can expect to pay an extra 1 cent per litre at the bowser. In a worst-case scenario where oil climbs above US$100 a barrel, petrol could hit $2.20 to $2.40 per litre in major cities. For the average driver travelling 37km a day, fuel at $2.00 per litre already costs around $50 per week or $2600 annually. Any further escalation will put more pressure on household budgets. So, what is the alternative to rising petrol prices?