Petrol price hits 10-month low

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From CommSec:

According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol fell by 0.9 cents to 119.1 cents a litre in the past week – a 10-month low. But Asian marker prices have lifted. In Australian dollar terms the Singapore gasoline price has lifted to a 9-week high, up 4 cents a litre on the mid-June lows.

Today, the national average wholesale (terminal gate) unleaded petrol price stands at 111.8 cents a litre, up by 2.4 cents a litre over the week. The terminal gate diesel price stands at 111.1 cents a litre, up by 2.5 cents a litre over the week.

Last week the key Singapore gasoline price rose by US$1.00 or 1.5 per cent to US$66.20 a barrel. In Australian dollar terms the Singapore gasoline price rose by $1.18 or 1.4 per cent to $82.99 a barrel or 52.19 cents a litre.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.