12 September 2008

End of the cheap oil?

| jvb
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I walked past a petrol station in Tuggeranong at lunchtime today and watched in amazement as the price of their discount ULP was changed from 128.9 to 157.9.

They must have run out of all that cheap oil.

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tylersmayhem10:09 am 12 Sep 08

the reason it takes so long for prices at the bowser to drop is that their software won’t allow you to enter a minus sign


la mente torbida9:47 am 12 Sep 08


the reason it takes so long for prices at the bowser to drop is that their software won’t allow you to enter a minus sign

Driving in from the north every day, the cheapest I see is almost always Sutton United, or Shell Gateway. The Tuesday/Wednesday trough thing really happens, but some weeks recently it hasn’t (price has stayed low all weekend through). Prices seem to fluctuate between 1.40 and 1.60, and have done since early May, when I started the commute.
The price of oil only seems to shift the ‘average’ for the fluctuations, but the fluctuations seem to happen regardless.

tylersmayhem9:31 am 12 Sep 08

Now this topic covers my biggest f**k off. The way we are being ripped off as consumers at the pump.

The price of oil rises by even the smallest amount, fuel prices jump by 10-20 cents a litre within a day. The price of oil drops 10 or 20 dollars a barrel – it takes weeks to filter down to us as consumers. By that time, the price per barrel has risen again, and up goes the price etc etc.

It’s one of the biggest rorts that we all seem to just take on the chin! As consumers, I think we need to try a more proactive approach. I have a suggestion for JB for instance. Perhaps we could have a regular link on here and RA members could update how much their local servos sell their petrol for each day (that’s if we happen to drive past one on the way to work, or fill up etc). If servos maybe become more competitive, as consumers we can frequent these servos if they are just as close as your regular servo, and reward competition.

Just a thought, and interested in feedback or suggestions?

VYBerlinaV8_the_one_they_all_copy7:59 am 12 Sep 08

I would agree with the general ballpark of $80 a barrel (US) for the cheaper crudes, but expect the Tapis crude price in Singapore to remain around the $90 mark.

I think that petrol prices will float between $1.30 and $1.50 for the next while. Which isn’t too bad, I think.

captainwhorebags7:43 am 12 Sep 08

Most of the financial reporting I’ve seen on the AUD exchange rate says that the dollar is now undervalued. It had to come down from the high nineties but it has been oversold and should go back up to around the mid eighties, based on our current financial position and that of the other world economies.

As I type this the Dollar is at 0.7936c and Oil price Brent Crude $98.02 West Tx $100.87

Overall even though the Aussie has fallen from around 98c to 79c the oil price has dropped as % further from its highs so the petrol price shouldn’t be going up to much.

I predicted a few months ago that the Oil price will fall to around $80 so we’ll see what happens. With regard to the Dollar I had predicted it would fall to 83c by the end of the year but its all ready busted through that level. I could be wrong but id say the Dollar is going be in the 70c to 80c range for a while although anything is possible. Just don’t listen to any ANZ economists when it comes to the FOREX market they haven’t got a clue going on advice Ive seen in the last few months.

The cynic in me would suggest it was related to Thursday payday but I suspect the rapidly declining dollar isn’t helping the situation.

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