Fuel prices to soar?

Average petrol prices have hit a 30-month high in Australia, and there could be more pain on the way due to Middle Eastern and North African unrest
Latest data from the Australian Institute of Petroleum (AIP) shows the average national price of unleaded petrol rose by 0.3 cents a litre to 143.9 cents a litre in the week ending April 10.

That’s a 30-month high, and we’re likely to get squeezed a lot more in the next month or so -- economists are forecasting $1.50 a litre -- as concerns continue about the threats to oil supply caused by the problems in the Middle East and North Africa.

According to the AIP data, the average metropolitan price rose by 0.5 cents a litre to 143.5 cents a litre last week, while the regional average price remained at 144.8 cents a litre, AIP data shows.

And those prices would be higher except for the trailblazing Australian dollar, which as we write this is buying 105.08 US cents. But it can only do so much heavy lifting, and over the past fortnight the price of a Singapore barrel, the key index for Australia, has also surged.

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