Fed: Petrol prices set to top $1 a litre

AAP General News (Australia)
08-04-2004
Fed: Petrol prices set to top $1 a litre

Petrol prices are set to break the dollar-a-litre barrier across Australia by next
week as traders manipulate fuel prices amid fears of a terrorism attack in the United
States.

Royal Automobile Club of Victoria spokesman DAVID CUMMING says fears of an al-Qaeda
attack on the financial district in New York has led crude oil prices to hit a record
$US44 a barrel this week.

He says oil traders and the futures markets are manipulating the prices of crude oil.

He says prices for unleaded petrol in Sydney and Melbourne will vary between $1 and
$1.07 a litre by early next week, with slightly higher prices in Adelaide, Perth, Hobart
and Darwin.

Prices in Queensland, where GST is rebated to motorists, will also rise but will remain
about 10 per cent below Melbourne and Sydney prices.

AAP RTV jrd/gfr/maur/jo

KEYWORD: PETROL (MELBOURNE)

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