Petrol hits five-month excessive earlier than Easter

Australian petrol costs have hit a five-month excessive with faculty holidays underway and households getting ready to go off for the Easter lengthy weekend.

The nationwide common value of unleaded petrol rose by 3.5 cents to $1.45 a litre within the week to Sunday, based on the Australian Institute of Petroleum.

That is the best stage since mid-November, with costs starting from $1.35 to $1.58 throughout capital cities.

CommSec senior economist Ryan Felsman expects unleaded petrol will stay at about $1.50 for some time.

He says final week’s value spike got here on the finish of the discounting cycle in Brisbane, Sydney and Melbourne.

Crude oil costs have additionally been on the rise for the previous six weeks, amid OPEC and Russian-led product cuts and provide disruptions in Venezuela, Libya and Sudan.

Mr Felsman says there could possibly be some respite from rising oil costs within the second half of this 12 months, if Russia withdraws from its supply-cut pact with Saudi Arabia whereas US drilling exercise and manufacturing will increase.

However Australian customers are more likely to stay cautious about splashing their money.

“Announced tax cuts from July 1 could boost consumption, but the strength of the jobs market remains key to the interest rate outlook.”

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