Commsec has today published research showing that the gap between the average retail petrol price and the wholesale price has hit almost 14 cents a litre, a near record high (see next chart).
It’s not all bad news for motorists, however, with the recent rise in the Australian dollar putting downward pressure on petrol prices.
Last week, the key Singapore unleaded petrol price fell by US$2.41 (2.1 per cent) to US$114.40 a barrel. In Australian dollar terms the Singapore gasoline price fell by $4.39 (3.6 per cent) last week to a 5-month low of $118.96 a barrel, or 74.8 cents a litre.
Commsec, therefore, expects modest declines in retail petrol prices over the coming fortnight, with pump prices forecast to fall by 2-3 cents over the next 7-10 days.
