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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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  • GreatWhiteA great white shark has been sighted circling a whale carcass near a popular Perth beach. 

Floating about six nautical miles west of Scarborough Beach, the carcass is believed to have attracted the shark, which was spotted on Sunday.

WA Department of Fisheries spokesman Tony Cappelluti said he was concerned the dead whale would float closer to the shoreline.

“While the carcass is a long way off any Perth beaches, it is important that boat users or divers are aware of the potential increased shark activity near the carcass,” Mr Cappelluti said.

“There has also been another shark sighting this morning at Strickland Bay on Rottnest Island, where warning signs were erected several days ago after sightings made during the week.”

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