Libyan unrest set to cost Aussie drivers $10 more a week at the pumps

Aussie drivers may be forced to shell out an extra $10 a week on their credit and debit cards as they struggle to cope with rising petrol prices.

Ongoing political unrest in the Middle East region is starting to impact on world economies, with the price of oil in particular having risen steadily over the past few days.

Now, with the cost of a barrel of oil having hit a two-and-a-half-year-high of US$110, the Australian newspaper has done its sums and calculated that this is likely to cost the typical Aussie driver as much as $10 a week at the pumps.

Furthermore, while oil trading price fluctuations usually take around ten days to impact on everyday consumers, thereby giving households the chance to balance their books and plan ahead, it is feared that high prices could be around for some time yet, potentially making high credit card bills a reality for many.

Commenting on the situation, AMP chief economist Shane Oliver explained to the paper: "Combined with higher utility costs, healthcare, local government rates and general insurance, means there will be less to spend on discretionary items like clothes, household goods and holidays."

Oil prices are also expected to go up even further as foreign oil companies evacuate their workers from Libya.

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