New photo Could petrol hit $2 a litre? 'Perfect storm' could see fuel surge to record highs

A 'perfect storm' could see fuel surge to record highs and even push prices closer to $2 a litre.

The doom and gloom prediction comes amid a falling Australian dollar and higher international crude oil prices.

The Australian Competition and Consumer Commission's latest petrol monitoring report uncovered petrol prices had hit a four-year high.

It found prices around $1.45 a litre in the June quarter in Sydney, Melbourne, Brisbane, Adelaide and Perth.

A 'perfect storm' could see fuel surge to record highs and even push prices closer to $2 a litre

Less than a decade ago Brisbane had some of the lowest prices in the country. 

Today, it had the highest petrol prices of the big five cities. 

Though, in recent weeks Sydney was dearer with average prices of $1.65 a litre.

Since then, the market appears to have barely cooled: unleaded prices at at North Bondi, in Sydney's east, sold on Friday for $1.63 a litre.

AMP chief economist Shane Oliver said big-city bowser prices could hit $1.80 by Christmas as American sanctions on Iran hit global crude oil supplies and the Australian dollar fell below 70 US cents.

AMP chief economist Shane Oliver said petrol prices could get a lot worse and he forecast them to jump as high as $1.80

'The risk is certainly on the upside,' he told Daily Mail Australia on Friday.

'The reason you say Christmas is sanctions on Iran kick in in November. 

'It's the combination of what the Aussie dollar does and the oil price does.' 

Dr Oliver said Australian motorists would pay significantly more for petrol if the West Texas price of crude oil surged above $US80 a barrel and the Australian dollar fell from 70.8 US cents to 65 US cents, as the Reserve Bank of Australia kept interest rates on hold instead of raising them.

'The risks are certainly heading in both of those directions,' he said. 

The price of crude oil, used to make petrol, has surged from $US54.92 a barrel to $US75.36 a barrel, the highest in four years, and an even weaker Australian dollar would make it even more expensive to petrol wholesalers.

CommSec economist Ryan Felsman added that American-led sanctions against Iran had reduced the supply of crude oil and pushed up prices

CommSec economist Ryan Felsman added that American-led sanctions against Iran had already reduced the supply of crude oil and pushed up prices.

'Certainly, if oil prices continue to increase that will certainly put pressure on bowser prices and pump prices to lift,' he told Daily Mail Australia.

However he said Saudi Arabia was likely to boost its supply, making $2 a litre petrol prices in Australia unlikely.

'There is a potential there for supply to lift and certainly curtail and cap that crude increase that we've seen in most recent months,' he said.

'I think $2 at this juncture is a little stretch. The new normal is probably $1.50, maybe $1.60 in the near term.'

He said crude oil prices would need to rise to $100 a barrel.

'It doesn't appear to be likely in the near-term.'             

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News Pictures Could petrol hit $2 a litre? 'Perfect storm' could see fuel surge to record highs

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Size: 10-12
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