Fuel prices are skyrocketing upwards with even further increases predicted with an end to another discounting cycle looming. There are also fears that the Ukraine crisis will impact oil prices. As tensions rise, the threat of military action and disruption of the crucial oil line from Russia to Europe could flow through to the pump in Australia. Experts say any European oil shock should take 3 or 4 weeks to reach Singapore and then Australia.
Closer to home, there have been concerns over what impact the closure of Brisbanes BP refinery could have on petrol prices. According to Queenslands peak monitoring body, prices at the pump are to be affected only minimally by the closure. In fact, prices are expected to go down, but before getting too enthusiastic, we are only talking a few cents.
RACQ spokesperson Michael Roth has weighed in on the topic agreeing that it should be ‘business as usual’ at Brisbane petrol stations for the next 12 months. For those filling up today, that means up to $1.49 per litre – Business as usual? Or insult to injury?
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