Everything is about to get more expensive

$2.40 per litre for petrol is about to become the norm, but that ain't the only thing that is sky-rocketing in price.

$2.40 per litre for petrol is about to become the norm, but that ain't the only thing which price is sky-rocketing.

The cost of fuel is hurtling towards $2.40/L as the Russia-Ukraine conflict intensifies... but it isn't just your petrol that's about to get more expensive. 

The US made the move to ban the importation of Russian oil on Monday in a response to Russia's violent invasion of Ukraine.  The global market had no choice but to raise the price of oil, which you will soon see reflected at your local BP. 

But as the cost of fuel rises, so too does the cost of anything that requires petroleum to be transported. So, basically everything.

South Australian Road Transport Association executive officer Steve Shearer said the supermarkets would soon enough have to increase the price of household goods to cover the cost of transporting the goods to their stores. 

“The cost will have to be passed on, and we need everybody from the end customer to the companies to the prime ­contractors to be reasonable and just accept that reality and ­ensure people get paid adequately to cover the cost of that fuel increase,” he said.

“That way, at the end of the day, it gets spread out to a much smaller increase across the board, from Weet-Bix to caviar.”

By Mr Shearer's calculations, the price of your average household goods could jump by up to 3 per cent. 

A loaf of bread goes from $2.50 to $2.57. 

Eggs bump up from $5 a dozen to $5.15.

Your precious Diet Coke 24 pack, which is typically $20? Sorry hun, you're not paying less than $20.60.

Let’s break down the maths of it, according to Mr Shearer.

The price of fuel makes up about 35 per cent of transport costs for truckies carrying household goods. 

If the price of fuel goes up by 25 per cent, then that means the overall cost of transport goes up by about 8.5 per cent.

The cost of transport for supermarket products makes up about 20 per cent of the end cost of the products on shelves. 

The final result? Our supermarket products go up by about 2-3 per cent. 

It will take about two weeks for the changes to work their way through the supply chain in Australian cities, and longer in regional areas, ­according to the Australian Competition and Consumer Commission.

And to add insult to injury, damage to farms and infrastructure in northern NSW and southeast Queensland as a result of the massive floods could also add to fresh food prices.

Maybe it's time to break out the couscous that's been living rent-free in your pantry for the past four years.