The rise and rise of our fuel prices
FUEL prices are set to reach a new record high in Rockhampton next week, the RACQ warns.
The expected rise in pump prices would be a direct result of crude oil hitting a new record closing price of $US67.49 a barrel this week amid persistent supply concerns.
"It usually takes about a week to take effect at the bowser,'' RACQ Rockhampton branch manager Terri Cruwys said.
"We should see an increase in petrol prices next week unfortunately.''
Yesterday, unleaded fuel in Rockhampton was around the 114.9c-a-litre mark.
"It has been around that price since last Friday,'' Ms Cruwys said.
Ms Cruwys could not speculate on how much petrol prices may rise or whether hikes would continue.
The market had been tense in the wake of news of a drawdown in US petrol reserves, and the situation had been exacerbated by concerns over storms in the Gulf of Mexico.
Mike Fitzpatrick at Fimat USA said there were adequate crude oil reserves but petrol supplies may still be tight.
"With refinery operating rates contracting a bit, gasoline stocks may continue to tighten heading into the fall, particularly if hurricanes cause production to be shut-in,'' he said.