A 5-CENT INCREASE in the cost of petrol may be on the way as Singapore Mogas - the benchmark for unleaded petrol in Australia - rose to sit just under the US$100-per-barrel mark.
After a brief reprieve late last month when retail prices dipped below 120 cents per litre, the cost of petrol is starting to rise back towards 130 cents.
The average retail price for most states hovered around the 125c mark last week, with South Australia and Western Australia sharing the lowest price of 123.1c and the Northern Territory logging the highest unleaded price of 131.7 cents per litre.
The national average was 124.5c per litre, up 1.9 cents over the previous week.
The present forecast is for petrol prices to climb between 3 and 5 cents over the next two weeks, as future demand keeps oil prices high despite a glut of crude supplies.
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Not too surprised. The price of a barrel of oil has been steadily increasing and Brent is now over $70/barrel. Here in Perth we’re already seeing a pick-up in projects after a (brief) lull. Good for me, as i’m in the oil & gas industry.
The truth is, folks, oil prices are only going to go one direction…up. The oil industry will slowly turn into the LNG industry. Cars will become more efficient and slowly electrify. It won’t happen very quickly, but it will happen (and all will be well hehe
).
let’s enjoy our petrol engines whilst we can!