Petrol prices set to rise

petrolMotorists could be soon be forking out another $4.50 every time they fill up their tank.

Average petrol prices fell 0.2 cents a litre to 130.1 cents last week, according to the Australian Institute of Petroleum.

However the price of wholesale gasoline rose by 2.5 cent a litre, the second largest weekly lift since early February, meaning prices at the bowser are likely to rise.

“The days of super cheap prices look to have ended at least for now,” CommSec chief economist, Craig James, said.

“If the lift in the Singapore gasoline price is sustained, then Australian motorists may need to find an extra $4.50 every time they fill their tanks.”

Drivers enjoyed a bout of cheap petrol prices over summer, falling to a national average of around $1.10 litre in February, and below $1 a litre in some cities.

However they have since risen sharply, because investors are worried that ongoing conflict in Yemen between rebels and pro-government forces could lead to a disruption to oil supplies, James said.


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