Petrol prices hit four-year high, ACCC says

The average prices of both petrol and diesel have gone up every day since 22 April, the motoring group said. In the last eight days, petrol prices have been slashed by around 71 paise per litre in Delhi, while Diesel is down almost 53 paise.

After the one paisa reduction in fuel prices on May 30, which caused much criticism from the Opposition, prices have since fallen continuously.

Living in Australia's smaller cities results in higher prices, with fuel costs in Canberra, Hobart and Darwin always higher than those in larger cities, such as Sydney and Brisbane, with the average difference about 13 cents per litre.

The price of unleaded petrol has increased by over 40 cents a litre in the last two years due to the Organisation of Petroleum Exporting Countries, or OPEC, orchestrating a supply shortage.

Brent crude futures lost Dollars $1.50 per barrel to settle at $75.29 per barrel. In real terms, average prices in the March quarter 2018 were the highest since the September quarter 2015 (138.5 cpl).

Mr Williams said that the oil price had since cooled a little, suggesting that the constant increases in the cost of petrol might have stopped for the time being.

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These factors include Middle East tensions, the potential for renewed U.S. sanctions against Iran and concerns over Venezuelan supply.

It pointed out that oil prices broke through the $80-a-barrel mark twice in May - a three-and-a-half year high.

A litre of petrol in New Delhi costs Rs. 77.83, while diesel is priced at Rs. 68.88.

With today's cut here in India, petrol price in the national capital has come down - in last seven days - by 60 paise from its record high of Rs 78.43 on May 29.

Sudden hike in petrol and diesel prices was a result of uptick recorded in worldwide crude oil that had gone up due to multiple global factors- fear of new USA sanction on Iran and short supply.

(Copyright © 2015. All Rights Reserved.)
 
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