Vic: Petrol prices on the rise

AAP General News (Australia)
04-16-2008
Vic: Petrol prices on the rise

MELBOURNE, April 16 AAP - Petrol prices in Victoria are expected to rise today as the
cost of crude oil skyrocketed.

David Cumming, spokesman for Victoria's motoring body, the RACV, said there were some
reports petrol already had reached $1.50 a litre in Melbourne's outer south-eastern suburbs
today.

But he said while prices would rise along with the cost of crude oil, it would be short-lived
because the price cycle ends today.

"If it happens, it will only last for eight to 10 hours," Mr Cumming said.

But Mr Cumming said it was unlikely fuel would return next week to the lows of about
$1.37 a litre seen this week, because of the wholesale price of fuel increasing by two
cents.

He said prices were expected to go even higher next week, possibly reaching 151.9 cents a litre.

"We'll be quite shocked," he said.

The price of New York benchmark crude oil early today crossed $US114 a barrel for the
first time, but prices began to ease in Asian trade later today.

AAP md/gfr/jm/bwl

KEYWORD: PETROL PRICES VIC

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