Petrol prices $1.10 per litre
Just read this article. Sounds like those using premium will be paying at least around $1.17 a litre over the long term.
Petrol prices to soar above $1
17:59 AEST Fri May 7 2004
Motorists have been warned to expect petrol prices to soar as high as $1.10 a litre, as near-record world crude oil prices hit Australian bowsers.
Service Station Association (SSA) chief executive Ron Bowden said motorists could pay as much as $1.10 a litre at the pump in coming weeks.
The warning came after world crude oil prices flirted with a 14-year record high of $US40 a barrel overnight.
But Mr Bowden said world prices, arising from unrest in the Middle East, were only partly to blame.
He said prices also were escalating due to oil shortages in the Asia-Pacific and a lift in the retail discount cycle, where suppliers stopped subsidising lower prices offered by their franchisees.
"Australian motorists are going to have to get used to higher petrol prices over the dollar (per litre)," he said.
"The outlook is going to remain pretty grim."
In Victoria, the state's motoring organisation reported prices in metropolitan Melbourne as high as 99.9 cents, and warned the worst was yet to come.
"I think at some stage next week it will push over $1. The difficult part of it is it looks like a long-term trend," RACV manager of government and corporate affairs David Cumming said.
Mr Cumming said regional areas were likely to be hardest hit.
Motorists should delay filling up until next week if possible, when prices may dip in response to the discount cycle, he said.
Queensland Premier Peter Beattie urged motorists to shop around for cheap fuel, saying that while people may not be able to influence world prices, they could let local outlets know they were being watched.
Queensland's motoring organisation, the RACQ, predicted fuel prices would climb over the weekend to a 14-year high of 90 cents a litre, despite the state's fuel subsidy of 8.3 cents a litre.
But the Queensland Motor Trades Association (MTA) said the strong Australian dollar had buffered motorists from increasing petrol prices in the past few months.
"Now that is steadying, we are seeing the increase in oil prices flowing directly to the bowser," MTA executive director Tony Selmes said.