Petrol price is pump­ing

Townsville Bulletin - - Nurrse -

THE bowser prices for petrol hit a near 29-month high in the past week, and mo­torists should pre­pare for an­other four cents a litre rise in the next fort­night, an econ­o­mist says. The av­er­age Aus­tralian price of un­leaded petrol rose by 2.9 cents a litre to 139.2 cents a litre in the week to March 6 — close to a 29-month high — data from the Aus­tralian In­sti­tute of Pe­tro­leum said on Mon­day. Com­mSec econ­o­mist Sa­van Se­bas­tian said mo­torists were likely to pay higher petrol prices in the near fu­ture af­ter the na­tional av­er­age price rose by 4.4 cents a litre in the past three weeks. The po­lit­i­cal in­sta­bil­ity in the Mid­dle East and North Africa is the key driver of near-term prices, Se­bas­tian says. `` And given the cur­rent ten­sions in the Mid­dle East, the Sin­ga­pore un­leaded price has surged by more than $ US15 a bar­rel in the past three weeks and is hold­ing at 30-month highs,’’ he says.

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