Motorists set to pay more at the pump
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CANBERRA, Feb 4 AAP
February 04 2013, 5:19PM
Motorists can expect further price rises at the petrol bowser over the next couple of weeks, reflecting rising world oil prices, Commonwealth Securities says.
The Australian Institute of Petroleum in its latest report on Monday said the national unleaded fuel price rose by an average 2.1 cents per litre in the past week to 144 cents.
The average metropolitan price rose by 2.4 cents per litre to 142.6 cents, while the regional price increased by 1.3 cents to 146.7 cents.
CommSec chief economist Craig James expects a further two to three cent price rise over the next fortnight as a result of a wholesale prices rising over three cents a litre to a two-month high.
He said world oil prices are being pushed up due to improving sentiment among investors about the global outlook.
"The bottom line is that motorists will end up paying more to fill up," Mr James said in a client note.
He said while higher petrol prices potentially mean a lift in consumer price inflation, the Reserve Bank would remain comfortable about monetary policy given the absence of other price pressures at present.