Petrol prices rising again: data

Australian petrol prices have risen from a six-week low, as the OPEC oil cartel
considers cutting production.
National average unleaded prices climbed to $1.16 a litre in the final week of
March, fresh data from the Australian Institute of Petroleum shows.
A week earlier, fuel prices had fallen to a six-week low of $1.15 a litre, according
to the revised numbers.
A minister from Venezuela, a founding member of the Organisation of the Petroleum
Exporting Countries (OPEC), said last week the cartel could agree to cut oil
production at the next meeting in May to take advantage of a possible rise in crude
oil prices.
West Texas crude oil prices dropped to $US52 a barrel on Friday night.
Venezuelan Energy Minister Rafael Ramirez indicated he would prefer prices of
unrefined oil to climb back to $US70 a barrel.
Commonwealth Securities chief economist Craig James said $1-a-litre bargains at
service stations were likely to become rarer as a recovery in global share markets
pushed up crude oil prices.
"Regional oil prices are rising in line with improved optimism across global
financial markets," he said in a research note.
But Mr James said the margin between wholesale and retail pump prices had fallen
back to five cents, in line with longer-term averages.
"The good news for motorists is that oil companies have pared margins back to more
normal levels," Mr James said.
This meant petrol in capital cities would still be available at $1.05 a litre in
capital cities on discount days.