Petrol hits $1.47 a litre
Leo Shanahan
May 17, 2007 - 11:42AM
Victorian motorists are reporting petrol prices of up to $1.47 a litre at the pump as the state's peak motoring body warns of further rises next week.
Although Thursday is normally the highest point in the petrol-price cycle, motorists are reporting unusually high prices, with one caller to ABC radio reporting $1.47 a litre in Mount Martha on the Mornington Peninsula.
David Cumming from the Royal Automobile Club of Victoria told drivers not to "waste their coupons" by filling up today, recommending they hold off until the dip in the cycle on the weekend.
"Thursday is the highest point in the cycle, with prices set to go down again by Sunday," he said.
Petrol prices are usually at their lowest on a Tuesday, spiking on Wednesday evening and reaching their highest point on a Thursday. They then begin to drop again from Friday and over the weekend.
Mr Cumming said he was not aware of prices reaching $1.47 a litre but said it could have been a premium product.
According to the RACV, today's highest prices are 139.9 cents a litre, with the lowest being recorded in
St Albans at 124.9 cents a litre.
However, Mr Cumming warned that prices are expected to rise at a wholesale level by about a cent this week, causing another rise outside of the usual cycle.
"If there is a wholesale move upwards tomorrow morning, which I think there will be ... the average price may
well be 138.9 (cents a litre) next week, but of course only on one day of the week," he said.
He said that prices are getting to such a level the there is likely to be a public backlash and warned the Federal Government that it could cost them support.
"It could even be higher next week and prices are getting to a level where the public will start to complain again," he said. "And I think the level of sensitivity in
Canberra on the issue will come
home to roost eventually."
theage.com.au