July 7, 2008

Oil Price Hits Record High

A 2c rise at fuel pumps is just a taste of potential increases, as the international oil price hit record levels. Caltex and Mobil raised petrol and diesel prices 2c a litre yesterday, while Shell only raised petrol to encompass a 2c-a- litre increase in ACC levies. BP was already 2c ahead of its rivals since raising prices two weeks ago, and did not change its prices yesterday. The top four oil companies are now charging $2.13 a litre for 91-octane, $2.18 for 95-octane and $1.86 a litre of diesel, except Shell, which is charging $1.84.

The international price of crude oil hit a new high on Monday, peaking at $US143.67 a barrel. It has since settled back to about $US140.

Double dose for diesel, Page 6

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