ID :
209459
Mon, 09/26/2011 - 13:53
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Shortlink :
http://m.oananews.org//node/209459
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Petrol to rise on $A weakening
SYDNEY (AAP) - 26 Sept. - The Australian dollar's fall is set to squeeze motorists at the bowser despite fuel costs dipping from a four-month high in the past week, an economist says.
The average Australian price of unleaded petrol fell by 0.9 cent a litre to 143.6 cents a litre in the week to September 25, data from the Australian Institute of Petroleum showed on Monday.
The metropolitan price fell by 1.5 cents a litre to 143.1 cents a litre, while the regional average price rose by 0.4 cents a litre to 144.7 cents a litre.
Commsec chief economist Craig James said the recent depreciation in the Australian dollar would offset the dip in oil prices.
"While global oil prices have eased, the Australian dollar has eased even further, keeping petrol prices at high levels," Mr James said in a statement on Monday.
"Petrol is the single biggest purchase the average family makes each week, so the upward drift in prices is bad news for consumer-focused businesses."
Mr James said the price of Singapore gasoline fell by nearly five per cent in US dollar terms last week, but it rose one per cent in Australian dollar terms.
The Australian dollar was trading just below 98 US cents on Monday afternoon (AEST), a depreciation of around 10 per cent since late July.
He said if the local currency had stayed at 109.5 US cents, where it was in late July, motorists would be paying 13 cents a litre or around $8.50 a litre to fill a fuel tank.
Australian fuel prices are based on the Singapore gasoline price.
The Australian wholesale price was at four-and-a-half month highs because the drop in the currency outweighed the fall in the Singapore base price.
"So motorists can expect the upward pressure on pump prices to continue," Mr James said.
Pump prices fell in three Australian cities - Sydney, Melbourne and Brisbane - during the past week, while costs in Canberra rose 5.0 cents a litre to an average 148.8 cents a litre.
Mr James said petrol prices in Canberra had risen 10 cents a litre in the past two weeks, while in Goulburn, 92km from the national capital, they were eight cents cheaper on average at $1.41 a litre.
The average Australian price of unleaded petrol fell by 0.9 cent a litre to 143.6 cents a litre in the week to September 25, data from the Australian Institute of Petroleum showed on Monday.
The metropolitan price fell by 1.5 cents a litre to 143.1 cents a litre, while the regional average price rose by 0.4 cents a litre to 144.7 cents a litre.
Commsec chief economist Craig James said the recent depreciation in the Australian dollar would offset the dip in oil prices.
"While global oil prices have eased, the Australian dollar has eased even further, keeping petrol prices at high levels," Mr James said in a statement on Monday.
"Petrol is the single biggest purchase the average family makes each week, so the upward drift in prices is bad news for consumer-focused businesses."
Mr James said the price of Singapore gasoline fell by nearly five per cent in US dollar terms last week, but it rose one per cent in Australian dollar terms.
The Australian dollar was trading just below 98 US cents on Monday afternoon (AEST), a depreciation of around 10 per cent since late July.
He said if the local currency had stayed at 109.5 US cents, where it was in late July, motorists would be paying 13 cents a litre or around $8.50 a litre to fill a fuel tank.
Australian fuel prices are based on the Singapore gasoline price.
The Australian wholesale price was at four-and-a-half month highs because the drop in the currency outweighed the fall in the Singapore base price.
"So motorists can expect the upward pressure on pump prices to continue," Mr James said.
Pump prices fell in three Australian cities - Sydney, Melbourne and Brisbane - during the past week, while costs in Canberra rose 5.0 cents a litre to an average 148.8 cents a litre.
Mr James said petrol prices in Canberra had risen 10 cents a litre in the past two weeks, while in Goulburn, 92km from the national capital, they were eight cents cheaper on average at $1.41 a litre.
