Report

Biggest lift in petrol prices in twenty-four and a half years

15 Jun 2015
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Summary

What does it all mean?

  • The good news for motorists is that petrol prices are still down on a year ago. The bad news is that the early-February low-point for pump prices is now a distant memory. Pump prices are set to rise a little further in coming weeks, based on higher Singapore gasoline prices and domestic wholesale petrol prices.
  • After falling by 12.2 per cent in the March quarter, the petrol price is currently up by 13.1 per cent in the June quarter, boosting the economy-wide inflation rate by 0.4-0. 5  percentage points in the quarter. Petrol is on track to the biggest quarterly increase in 24½ years (since December quarter 1990). 
  • Consumer sentiment has softened in recent weeks, and it is highly likely that the lift in petrol prices and a weaker Aussie dollar are key culprits driving the gloomier disposition. It is not that the economic environment has deteriorated markedly; rather it isn’t as favourable as it was a few months back.

     

     

     

     

     

 

 

 

Publication Details
Published year only: 
2015
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