Fuel prices could rise: economist

THE price of fuel in Tweed Heads could rise to 156 cents a litre if current conditions continue.

MotorMouth found the area’s average unleaded petrol price yesterday was 141.9 cents, but an economist said it could rise.

BP Chinderah owner Tony Nash said prices had been gradually going up but he had not noticed any dramatic increases.

“The price is slowly going up because as everybody knows, the price of oil is going up,” Mr Nash said. He added the natural disasters in Queensland had no effect on fuel prices. “There’s been some minor supply problems but that’s all.”

NRMA economist Wal Setkiewicz said fuel prices went up and down depending on the price of crude oil and the Australian dollar.

“In the past two weeks there’s been a two to three cent rise in average for unleaded petrol because of the international price of mogas (motor gasoline),” Mr Setkiewicz said.

“If the current conditions continue it will continue to rise.”

Mr Setkiewicz said futures market analysts were predicting oil to rise to $10 to $15 a barrel.

“If that happens, it could lead to a 15 cent increase in prices.”

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