Petrol Prices Hovering At 19-Month High, Relief On The Horizon

AFTER HITTING a 19-month high in the past fornight, national average unleaded petrol prices are continuing to hover at around 130 cents per litre. 

According to the Australian Institute of Petroleum, the metropolitan price fell by 0.1 cents per litre to 129.5 cents, while the regional average price rose four cents to 131.7 cents per litre.

South Australian motorists saw a price drop of about 1.5 cents to an average of 125 cents per litre this week, down to 124 cents in Adelaide. By comparison, Darwin drivers are paying around 134 cents per litre this week for unleaded petrol.

CommSec said this week that the price of oil remains a high-pressure situation internationally, with the financial crisis in Greece and other parts of Europe causing concern for investors.

Singapore unleaded fuel - on which Australian prices are benchmarked - remained close to a three-month low, with wholesale prices falling by around three cents in the past week. Those savings are expected to make their way to motorists in the next fortnight, and CommSec is anticipating a drop of around three to four cents at the pump.

Petrol prices across states in the past week

• Sydney up 0.1 cents to 129.6 c/l
• Melbourne unchanged at 129.8 c/l
• Brisbane up 0.4 cents to 131.2 c/l
• Adelaide down 1.9 cents to 123.6 c/l
• Perth down 0.2 cents to 130.4 c/l
• Darwin unchanged at 133.6 c/l
• Canberra up 0.4 cents to 128.5 c/l
• Hobart down 0.7 cent to 132.5 c/l