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Further increases in petrol prices are predicted as Australia’s unleaded benchmark price scaled a 10-month high of almost $100 a barrel in the past week.  

While the continued signs of a recovery in the global economy had been great news for share market investors, the same could not be said for motorists, Commonwealth Securities economist Savanth Sebastian said.

The Australian Institute of Petroleum’s weekly report showed the unleaded petrol prices rose by an average 1.9 cents per litre in the past week to 124.5 cents.

The average metropolitan price rose by 2.6 cents a litre to 124.2 cents, while the regional average price rose by 0.7 cents to 125.1 cents.

“The glut of oil inventory on global markets is not putting downward pressure on prices,” Mr Sebastian said, adding traders and investors were focussed on the recovery story.

Even a strong Australian dollar has not been able to significantly absorb the rally in oil prices.

This resulted in the benchmark for Australian unleaded petrol – the Singapore gasoline price – rising to a 10-month high of $99.70 from $97.33 in the past week.

“If there is any consolation for motorists, it is that the rise in pump prices is likely to be rather sedate,” Mr Sebastian said.

“The petrol price will rise over the next fortnight, but only modestly, up around three to five cents a litre.”

Source  :  www.thewest.com.au

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A fire that destroyed a 24m cruiser in the North-West on Wednesday night has been declared not suspicious by FESA.   boat

Kimberley Quest was gutted by fire while on a slipway in Broome, with damage estimated at $3 million.

FESA’s fire investigation officer Kim Maldon and police arson today ruled out arson but said the cause of the fire would remain undetermined.

A small amount of fuel and oil spilt onto the beach as a result of the blaze. It is understood volunteer firefighters and the Broome Port Authority kept the environmental impact to a minimum.

Operated by family business Pearl Sea Coastal Cruises, the vessel is one of two cruisers owned by the company, the other being the luxurious tourist vessel Kimberley Quest II cruising through the Kimberley.

Kimberley Quest was the company’s original tourist cruiser from 2000 until 2005 but is now used solely as a scientific research vessel.

Source www.thewest.com.au

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