FOLLOWING A RECENT increase in crude oil prices to an eight-month high of $73.32 a barrel, national petrol prices have hit $1.24 a litre - the highest price in the same period.
Figures from the Australian Institute of Petroleum show that Tasmanian motorists have been hit the hardest, with average prices on the apple isle rising by 2.5 cents to $1.29.
Above: Average Weekly Unleaded Petrol Prices for the 12 Weeks to Sunday, 21 June 2009 (National Average) - Graph by Australian Institute of Petroleum.
CommSec economist Savanth Sebastian, in a recent market update, has warned that the rise in petrol prices is unlikely to reverse course in the near future.
“CommSec expects pump prices to jump by a further five cents a litre in the next fortnight,” Mr Sebastian wrote in a market update.
“In Australian dollar terms, Singapore gasoline rose from $98.15 a barrel to $98.50 a barrel over the week.”
Mr Sebastian pointed to the fact that the last time oil was trading for more than $100 a barrel, consumers were paying over $1.35 a litre.
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How unusual the oil compaines are screwing us royally with petrol prices.. Oil prices were $150 a barrell 12 mths ago and we were paying $1.50 to $1.60 a litre, why is it then we are still paying $1.35 to $1.40 now when oil is $70 a barrell..
The oil compaies say that our prices in australia are worked out on 95ron petrol prices as they dont have reg unleaded in singapore. The oil compaines are in front straight away they make the price of unleaded from the from premium unleaded, then they add more on top for premium unleaded (95ron) and more again for 98 ron unleaded. Why is it that the gap between regular unlead and premium unleaded keeps getting bigger.. Premium unleaded offers you better fuel economy, is better for your engine and is better for the environment because you less petrol compared to reg unleaded.. But because the price is so great between reg unleaded and premium deters people from using it..
The oil companies say they are not making alot of money but if that is the case why are they making record profits..
while the driving public don’t stand up and make a noise the price of fuel will not come down, governments will not do any thing about it because they are making dollars upon dollars out of the high prices. i don ‘t know why Australia has to import as much fuel as they say they do because Australia has plenty of fuel for its own use. it ’s just another big rip off.