Chart 1
When you see on the news that Oil is at or below $40US per barrel after peaking at $147US in the middle of 2008, its very frustrating when to see petrol prices around $1.10 to $1.20 per litre at the pump.
Chart 1 shows that between January 14 and January 21 the price of Unleaded Petrol increased significantly whilst Diesel and Crude Oil declined. Previous to January 14, Unleaded Petrol closely tracked the Crude Oil price but magically, it has increased by 20c per litre to be now tracking the more expensive Diesel.
Chart 2
Chart 2, shows that currency is not the reason for the Unleaded Petrol price hike as the Australian dollar barely moved so the question is…are we being ripped of at the pump due to an unexplained 20c jump?