Bad news for Christmas today from CommSec who reckon the national petrol price is up 2.5 cents a litre in the past fortnight and heading higher.
CommSec Says that motorists “should brace for more pain at the petrol pump”.
The culprit is the falling Aussie dollar which has hit a 3-month low overnight and driven the Singapore gasoline price (the Australian Benchmark price) to lift back near 3-month highs.
The bad news for the economy, according to CommSec is:
The petrol price is poised to lift further. Not only is the global economy improving (more demand for oil and pushing world prices higher) but the Aussie dollar is weak (lifting the imported cost of fuel). A higher petrol price is bad news for retailers, especially those selling non-essential or discretionary items. Filling up the car with petrol is the single biggest weekly expenditure for most households. CommSec expects fuel prices to lift by 3 cents a litre in the next fortnight.