Record High Fuel Prices Predicted For Australia In Coming Weeks

Economists and industry analysts are predicting record high fuel prices for Australia in the coming weeks, linked in part to the downward spiral of the Australian dollar in the past quarter.

Our dollar has lost almost 15cents against the US dollar since May, recording a 33-month low at the beginning of this month.

At the same time, oil has reached a 15-month high of US $104 a barrel this week off the back of political instability in Egypt. Together these factors - among others - may soon see prices of $1.70 per litre or more for unleaded petrol.