Australia is getting shafted by Petrol prices

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This comment from Nick:

Australia is getting shafted by fuel prices.

If the Aussie dollar did drop crude oil would also very likely drop. If we compare the price of fuel now to what it was a few years ago when crude oil was $140 USD a barrel, the Aussie dollar was around 95 US cents, which mean crude oil would have cost around $146 Aussie dollars.

Now crude oil is around $96 USD per barrel and the Aussie dollar is around $1.05 USD, so crude oil would cost around $92 Aussie dollars per barrel.

That is 60% less than it was when crude oil was $140 per barrel (Fuel companies were reporting record earnings at this time too mind you), yet we are paying the same at the pump, if not more.

From what I can work out we should be paying around 95 cents per litre for fuel. SO WE ARE GETTING SHAFTED.

If anyone has an explanation and can prove me wrong I’d love to hear it coz I’m gettin real pissed off with fuel prices, and you should be too.



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Nick is right on the money.

Pete