Petrol price is pumping
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.