Has the petrol price peaked?

Here’s the updated chart on oil prices and local petrol prices:

We’ve another 5% or so upside for petrol I reckon. But we’ve definitely seen a peak in the oil market for the time being:

I expect this to come off as global growth concerns weigh. The other side of the coin, the dollar, is tougher to predict short term but is likely to be somewhat correlated to oil over time as both are emerging market growth proxies.

In short, we’re near a short term peak for petrol prices. However, I suggest that the best way to think about prices is that we’re also into a new higher trading range for good:

Not dire but a consistent drag on consumption.