Petrol prices at highest level for over a year

Mozo

Wednesday 12 May 2010

Petrol prices have hit their highest level since the onset of the global financial crisis in late 2008.

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New figures from the Australian Institute of Petroleum reveal that consumer costs rose by 1.4 to 130.2 a litre last week.

This has put petrol prices at their highest level since October 2008, when the world was still reeling from the impact of the Lehman Brothers collapse.

However, Commsec economist Savanth Sebastian has predicted that concerns in the international financial markets about the Greek debt crisis could soon cause petrol prices to fall again.

"There is good news for motorists around the corner," he told the AAP.

In addition, he observed that the Singapore tapis price of crude oil –
which is used as a benchmark for Australian petrol prices – has fallen by almost 10 per cent during the past week to a three-month low.

The news may interest Aussies who wish to compare savings accounts in search of the best returns on their cash. Last week, a report in the Sydney Morning Herald suggested savings accounts are a safer and more efficient alternative to shares when it comes to earning high returns.

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