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Petrol price 'reprieve' isn't likely to last, economist says

07/08/2012 - Motorists have been warned not get too comfortable with the stable petrol prices of the past week.

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The Australian Institute of Petroleum latest weekly petrol price report showed the national average for unleaded petrol eased 0.1 cent per litre to 137.6 cents.
 
The average metropolitan price declined 0.1 cent per litre to 136.2 cents, while the regional average rose 0.1 cent per litre to 140.6 cents.
 
CommSec economist Savanth Sebastian said motorists would have been grateful for the sideways shift in prices in the past week, but the reprieve was unlikely to last.
 
"The ongoing rise in regional oil prices should flow through to domestic pump prices in a fortnight's time," he said in a note to clients.
 
The Australian benchmark, the Singapore gasoline price, has risen by almost $A6 in the past week and a total $A23 in the past six weeks.
 
"The bottom line is that the average Australian pump price for petrol should continue to edge higher," he said, adding he expects a rise of three cents over a fortnight.

Source: AAP
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