The recent price of petrol seems largely related to the surge in the Australian dollar and heavy competition among retailers.
Cheap petrol prices are linked to the global economic outlook. If the global economy lifts and the US rate rises pushing the Australian dollar downward petrol prices will rise.
Coles and Woolworths are also pushing prices down seemingly fighting for market share.
Crude oil prices have gone up but it is not obvious here with our strong dollar.
China’s economic position has a big effect on demand for oil.
The International Energy Agency forecast that world oil demand would increase by 50000 barrels a day this year.
Prices have been rising.
A key Canada-US oil pipeline has closed.
In years to come assuming a global recovery oil prices will rise as demand presses on available supply making prices rise.
Enjoy the prices now. They won’t last.