[Peakoil] from SMH Business Day

[Jenny Goldie]

Petrol prices set to rise further
June 22, 2009 
The price of petrol nationally has hit an eight-month high of $1.24 a litre as oil prices head higher, with more pain at the bowser on the way.
 
The biggest rise was in Tasmania where the average price rose by 2.5 cents a litre to $1.29, fresh data from the Australian Institute of Petroleum shows.

Commonwealth Securities economist Savanth Sebastian warned there was more price increases on the way for motorists.

''CommSec expects pump prices to jump by a further five cents a litre in the next fortnight,'' Mr Sebastian wrote in a market update.

''In Australian dollar terms, Singapore gasoline rose from $98.15 a barrel to $98.50 a barrel over the week.''

Crude oil rose to an eight month intraday high of $73.23 a barrel earlier this month on investor optimism that the US economy, suffering through its worst recession in decades, may bounce back by the end of the year.

However, recent economic data has been mixed, reflecting an economy still struggling to right itself.

AAP
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