THE AVERAGE price of fuel in Australia reached 130.2 cents last week according to the Australian Institute of Petroleum, the highest average price since October 2008.
As the latest retail petrol price war drew to a close in the past fortnight, average unleaded prices in Sydney rose by eight cents per litre. Prices were even higher in Adelaide, Perth and Hobart.
CommSec economist Savanth Sebastian said this week that while fuel prices will ordinarily rise with a strengthening economy, the current financial crisis in Greece could see fuel prices fall again "around the corner."
He added that with the Singapore tapis price of crude oil - a benchmark for Australian prices - falling by almost 10 percent in the past week, the wholesale price of petrol could drop by up to four cents per litre in the next week.
This news follows reports last month that the price of unleaded fuel in Australia could reach $2.00 per litre as the economy recovers, with signs that the average price is marching towards a $1.50 per litre point in the near future.