Petrol prices hit three-month high

Unleaded petrol prices struck a three-month high in the past week, and motorists can
expect more bad news as international oil prices continue to climb.
Commonwealth Securities economist Savanth Sebastian expects petrol prices could rise
a further five cents a litre in the next two weeks.
The Australian Institute of Petroleum's weekly petrol prices report showed the
national average rose 1.0 cent a litre in the week ending June 7 to 120.9 cents per
litre.
The metropolitan average rose 0.9 cent per litre to 121.2 cents, although notably
the price fell in Canberra, Darwin and Hobart.
The regional average rose 0.9 cent per litre to 120.2 cents.
"Not even the sharp gain in the Aussie dollar has been able to significantly buffer
the impact that will be felt by motorists," Mr Sebastian said.
He said the Singapore oil price - the benchmark for the local price - has followed
equity markets higher, jumping by more than 35 per cent in the space of a month.
"In Australian dollar terms, oil prices have rallied by 28 per cent and as a result
pump prices are likely to jump by a further five cents a litre in the next
fortnight," he said.