Costello Hopes For $1 A Litre Petrol

[937]

Costello hopes for $1 a litre petrol

AAP, 11/11/06

Federal Treasurer Peter Costello is hoping petrol will drop back to $1 a litre when fuel prices are discussed at the G-20 summit in Melbourne next week.

Mr Costello will chair the historic meeting of the world's most powerful central bankers and finance ministers, News Limited newspapers said.

He will address the country's crippling energy prices at the summit in Melbourne.

"This is the biggest financial meeting Australia has ever hosted and ever will host," Mr Costello said. "Melbourne can showcase itself as an international city with sophistication and real economic clout."

Mr Costello said the G-20's broad membership offered a unique chance for a petrol-price breakthrough. But the key was to get big oil-producing nations such as Saudi Arabia talking seriously to big oil users such as China about increasing production, opening markets and slashing oil prices.

"The reason we were paying, two months ago, $1.35 at the bowser was the world oil price was so high," Mr Costello said.

"It's now come down to $1.15, $1.10, but if the world oil price should go down lower, we could be back to lower petrol prices again."

Edited 11/11/06 01:18 AM by 937

[Dagabond]

$20.00 say's that meeting cost's more than I'll make in a lifetime...

[Phoon]

If Costello is really serious about reducing fuel costs to motorists, why not reduce the tax on it that goes into govenment coffers. We all know that wont happen.

[Turbo6man]

If Costello is really serious about reducing fuel costs to motorists, why not reduce the tax on it that goes into govenment coffers. We all know that wont happen.

←

Exactly - just removing the GST would get it down to almost the dollar. I think it is about 1.15 in Sydney at the moment???

[Guest]

He's not the only one hoping it drops to $1.00

[fordboy1981]

I saw it for $1.00 exactly at the Safeway fuel on Doncaster rd last week sometime...then with your 4c off docket, it was like 96c!!!

Dave.

[937]

Remember this !!!!!

Expect petrol rise before Christmas - NRMA

02oct06

PETROL prices were likely to rise before Christmas as winter in the northern hemisphere increased demand for fuel, NRMA president Alan Evans said today.

Mr Evans, who last week addressed a Senate inquiry into petrol prices, said the prices would never again return to $1 a litre.

"I said some time back I don't think I'll see $1 a litre again in my lifetime," Mr Evans said on the Nine Network today.

"The OPEC countries are now saying that if oil goes below $55 a barrel, they'll cut back production, so you are going to see around these levels or maybe a bit higher in the next couple of months.

"We're moving into the northern hemisphere winter, so demand will go back up again and you'll see a steady increase in prices again as we approach Christmas.

"We always get a nice Christmas present with an oil price rise before Christmas."

Mr Evans said oil companies in Australia had to accept they had a responsibility to maintain fair prices for fuel.

He said petrol prices in Sydney were increased between 10 cents and 12 cents a litre on Thursday, ahead of the Labour Day long weekend in New South Wales, despite oil prices falling in recent weeks.

"They rose by about 10 or 12 cents before the long weekend, but I think community pressure has forced them down over the long weekend because people have suddenly said, `Well, they have been going up that much, maybe I'll cut back on the travel'," Mr Evans said.

"We saw a couple of months ago (during the Queen's Birthday long weekend) when there wasn't a long weekend in Western Australia but there was on the east coast, the price went up in Sydney, and Melbourne and Brisbane, didn't go up in Perth.

"The oil companies have got to realise they have got a corporate social responsibility. Fuel is an essential commodity today and they have got a responsibility to make sure the economy is kept in a stable condition."

The Australian