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Petrol prices set to soar

Petrol prices will rise over the Christmas/New Year period.

The price of petrol is expected to hit a two year high over the Christmas period as oil prices spike.

According to the Sydney Morning Herald, the Organisation of Petroleum Exporting Countries cartel has slashed production levels, at the same time as American and Russian producers have slowed their production.

NRMA spokesperson Peter Khoury said: “If these reports of continued cuts in productions hold true then unfortunately that’s what we’re going to have to brace ourselves for.”

“But the reality is this is such a volatile industry,” he told the Today show.

Analysts from the National Australian Bank said: “Higher [oil] prices, combined with our expectations for a lower Australian dollar, are likely to lead to higher fuel prices for Australian motorists.”

“The September quarter saw petrol average around $1.23 per litre [nationally], but we see petrol in the December quarter around 3.9 per cent higher at $1.28 per litre.

“Our forecasts point to petrol being above $1.30 per litre for most of 2018.”

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