Gas hits $1.59 a litre (Australia article)

[AussieMark]

Petrol hits $1.59 a litre
By STEVE GEE and DORA TSAVDARIDIS
April 12, 2005

PETROL prices have hit a record high across the state, with residents of one town forced to pay $1.59 a litre ($4.81 US gallon) yesterday.

And analysts have warned the price is unlikely to drop below $1 a litre ($3.03 US gallon) anytime soon with crude prices as high as $US58 a barrel last week.

The cost of unleaded petrol was at or near all-time records in most state capitals following increased demand in Asia and a crude oil price rise.

Pump prices hit $1.16 a litre ($3.51 US gallon) in Sydney, and even higher in rural areas.

But motorists at Manning Point on the North Coast were paying 50c a litre more than a Caltex service station just down the road at Taree, which charged $1.10 a litre ($3.30 US gallon).

The NRMA said last night it believed the Manning Point General Store and Newsagency was charging a record price for fuel with its $1.59-a-litre ($4.81 US gallon) bowser charge.

OPEC has blamed the jump on market "fear factor".

NRMA vehicle policy adviser Jack Haley said high pump prices of up to $1.16 ($3.51 US gallon) a litre had been recorded across Sydney, particularly in the north and east, but motorists could expect a drop as early as today as part of a weekly cycle.

Mr Haley said prices of $1.16 ($3.51 US gallon) were not surprising.

"It's a continuation of the same factors," he said. "Supply and demand of crude oil worldwide is always in the balance."

Mr Haley said higher prices were now expected on weekends and Sydney drivers should notice a decrease over the next two days.

"It's usually a weekly cycle," Mr Haley said. "The lowest prices are on a Monday and a Tuesday. We should see a reduction tomorrow."

But prices in regional and rural areas would most likely stay the same due to lack of competition among retailers.

"Country prices tend to stay towards the higher end," Mr Haley said.

But it is no consolation for Manning Point residents.

Motoring groups last night warned the state and federal governments were powerless to act without evidence of competitors' collusion.

John Wood from the Manning Point General Store last night blamed the inflated bowser price on freight charges from fuel companies.

"From what we've heard, most of the locals understand exactly what the situation is," Mr Woods said. "We've got to buy the fuel, buy the equipment to maintain that and they understand why we charge that amount.

"We still pay exorbitant taxes although you have to cross two islands to get to us."

[P.K.]

Petrol is cheap there. We had a petrol strike a few years ago, which was interesting.........people going to get the only remaining petrol at 4am and still finding there was a queue.


UK petrol prices hit record high
Petrol prices at UK pumps have reached their highest-ever levels, according to petrol consultancy Catalyst.

A litre of unleaded petrol now costs 85.6p (AU$2.09) and some analysts are warning of further increases to come.

The previous record was 85.3p (AU$2.08) in 2000, when drivers blockaded roads to protest at the soaring costs and government plans to raise taxes on fuel.

Petrol retailers say the volatile nature of the world's oil markets is to blame for fluctuating petrol prices.

The AA Trust said the price of a litre could rise or fall by as much as 5p from current levels in response to the global oil situation.

Bert Morris, the trust's director, said the next "psychologically important" level would be 90p (AU$2.20) a litre.

"It will take more than the oil market fluctuations that we've been seeing to drive prices to that level," he said.

But the Petrol Retailers Association said it expected prices to continue rising - possibly hitting new highs in the summer.

http://news.bbc.co.uk/1/hi/uk/4424547.stm

[TexasStooge]

Prices here reached $2.20/gallon for unleaded.

[GalvestonDuck]

Stooge posted about gaspricewatch.com earlier in his news thread and Eric posted gasbuddy.com last year.

Two good sites to find out where the cheapest gas is.

[TexasStooge]

Gasoline finally went down here.

The cheapest price for unleaded is $1.95/gallon.

[streetsoldier]

$1.79 unleaded here.

[senorpepr]

We've been bouncing around between $1.95 and $2.07/gallon... but at the moment it's at $2.03.