Petrol price pain set to remain

UNLEADED petrol prices jumped by more than 30 cents per litre at some Geelong outlets yesterday, propelled by a three-year crude oil price high.

Motorists were paying up to 159.9c per litre as the bowser price cycle enters a high-point that the RACV warns could last for three weeks or more.

APCO director Peter Anderson, who operators eight stations across Geelong, said the price of crude oil had risen significantly since October and recent daily increases were more than double the average.

“My prices have to go up to help me recover from low points in the cycle,” Mr Anderson said.

“That’s why we go to the extreme; if we had a steady price in the (commercial) mar- ketplace all the time we could probably sell at 148.9c per litre.

“I was losing money at 128.9c per litre. Then I’ve got the cost of picking up the product and taking it to the service station as well.”

Mr Anderson said prices at his eight stations were raised to 159.9 yesterday but dropped to 157.9 before close.

Meanwhile unleaded was at 138.9c per litre at Ampol in Corio yesterday, between 158.9c and 163.9c at BP North Geelong, and between 153.9c and 158.9c at Shell in Moolap, according to the RACV.

Brent crude oil last night hit $US79.82, the highest price since November 2014.

Earlier this month Caltex chief Julian Segal warned petrol prices were set to rise because of the crude oil high.

Tensions in the Middle East have raised concerns about the supply of oil to Australia.