Record crude oil price to drive petrol price higher in Australia

The petrol price in Australia is expect to hit a new high next week as the crude oil price has hit the record high in the world market.

For every dollar increase in the price of oil per barrel you see a one cent increase in the price of petrol in Australia and it will have an impact, Assistant Treasurer Chris Bowen told reporters on Saturday.

The price of crude oil shot up 11 U.S. dollars overnight to a new high above 139 U.S. dollars a barrel.

Economists expect the petrol price to hit 1.75 dollar (1.68 U.S. dollar) a liter next week. Motoring organization NRMA agrees prices will jump by at least 10 cents a liter.

We've seen prices in the mid-1.60 dollars and you'll see it running up to the mid-1.70 dollars next week, NRMA president AlanEvans said.

Evans said petrol could even hit two dollars (1.92 U.S. dollar)a liter unless governments around the world act to stop the manipulation of crude oil prices.

Source:Xinhua