Petrol Price

[Jader1973]

So, oil has dropped to an 18 month low, and the Aussie dollar is sitting at 1.05 US and I hear on the radio that economists are saying to expect a 15 cent per litre RISE in petrol prices!!

I knew the petrol companies here are a bunch of crooks, but this is really taking the piss

[deviant]

Look at what the tax payer is paying for the gummint organisation 'fuel watch' that is supposed to be protecting the consumer from fuel price gouging. They clearly dont do their job when servos within a few KM of each other have a 15c price difference!

[MrQuick]

Jader1973 said:

So, oil has dropped to an 18 month low, and the Aussie dollar is sitting at 1.05 US and I hear on the radio that economists are saying to expect a 15 cent per litre RISE in petrol prices!!

I knew the petrol companies here are a bunch of crooks, but this is really taking the piss

The problem is when we talk about petrol prices we think of price in terms of 'West Texas intermediate (WTI) light crude oil", what the US base their price of oil on.
No one is using it to price oil, even the Saudis, everyone is moving to use "Brent Crude" to price oil, currently at about $110-112bbl. WTI is at $89-90bbl, and this is the figure quoted on the news and whats fallen dramatically over the past month.

The price of petrol actually hasn't fallen that much, just the US price of oil (WTI) because their economy is in the gutter, where as Brent crude is pricing in the Libyan and Egyptian oil supply issues so its a more global measure of price.

Expect price of petrol to rise no matter what though because of political problems and production shortages, the strong Aussie isn't going to do jack to prevent it from being transferred to the consumer.