‘Not going to be pretty’: Australian petrol prices on track for new high
by Peter Hannam Economics correspondent from on (#5W57K)
Fuel prices are already at record levels in Australia and set to rise further as oil nears US$100 a barrel mark on Ukraine worries
Australian motorists may soon have to dig a little deeper to pay for their fuel after global prices rose to fresh seven-year highs amid mounting worries about a Russian invasion of Ukraine.
Oil prices rose more than 2% overnight, with benchmark indices near the symbolic US$100 a barrel mark. Brent crude, for instance, rose 2.2% to US$96.48 in US trading before easing back slightly in Asia on Tuesday.
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