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Fuel hits five-month high, with prices to keep rising

Time to shop around for cheaper fuel, with rising prices unlikely to stop anytime soon

By Ruza Zivkusic | October 19, 2011

Trucking operators are being told rising fuel prices are unlikely to stem anytime soon, with the cost of diesel hitting a five-month high last week.

The average price of unleaded petrol rose half a cent to a five-month high of $1.45 a litre in the week to October 16, according to the Australasian Institute of Petroleum (AIP) figures.

Australasian Convenience and Petroleum Marketers Association (ACPMA) General Manager Nic Moulis says the price is affected and measured by the cost of refined product that comes from Singapore.

“The pricing in Australia is benchmarked against Singapore gasoil [diesel] and MOPS95 [petrol] pricing. Due to a lag effect, some of the recent prices are yet to be felt in the Australian market. You could read into that the wholesale price over the next few weeks could rise,” Moulis says.

The fluctuation of the Australian dollar last week has also affected the price, he adds.

“The price of fuel is a contributing factor to the operation of transport businesses and quite clearly we all understand that,” he says.

“The transport industry has to shop around and make sure they’re aware of what’s going on in their market.”

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