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Although it has reached a three-year high, Gardez warned Australia that oil prices might continue to rise

 
[Social News]     12 May 2018
Siegel (Julian Segal), chief executive of Australian gasoline supplier Gardez (Caltex), warned that Australian gasoline prices were expected to continue to rise despite a three-year high, as recent increases in international crude prices have led to higher gasoline costs in Australia.

Siegel (Julian Segal), chief executive of Australian gasoline supplier Gardez (Caltex), warned that Australian gasoline prices were expected to continue to rise despite a three-year high, as recent increases in international crude prices have led to higher gasoline costs in Australia.

Although it has reached a three-year high, Gardez warned Australia that oil prices might continue to rise

Australia`s average oil pump price has risen to A $1.46 a litre, the highest level since 2014, when international crude oil prices rose to more than US $100 a barrel, the Australian newspaper reported Monday. While Brent currently stands at US $77.73 a barrel, the decline in the Australian dollar means that international crude oil prices are now being translated into higher Australian dollar fuel prices.

Although it has reached a three-year high, Gardez warned Australia that oil prices might continue to rise

"this is a significant increase in prices from $35 to $40 a barrel," he said. "International crude oil prices have doubled and the exchange rate is falling," Siegel said at the annual shareholders` meeting.

Siegel said the recent rise in international crude prices as a result of President Trump`s withdrawal from Iran`s nuclear deal, coupled with changes in pump prices that lagged behind crude prices, meant that Australia`s oil price was likely to rise.

Although it has reached a three-year high, Gardez warned Australia that oil prices might continue to rise

Australia`s oil price changes will be delayed by one or two weeks, compared with Singapore`s, according to (Australian Institute of Petroleum), the Australian petroleum institute.

In the week to June, however, oil prices across Australia fell 0.3 percent from a three-and-a-half-year high of A $1.463, according to (CBA) data from the Federal Bank of Australia.

But Sydney`s oil price rose A $0.05 to A $1.48. Meanwhile, oil prices in Melbourne fell A $0.04 to A $1.46 and Canberra to A $1.481.

Notably, profits rose in the first quarter, thanks to higher sales of transport fuel. According to unaudited data, the statutory first-quarter profit after the Gardens tax reached A $ one hundred and seventy one million nine hundred and ninety nine thousand nine hundred and ninety nine. Total transport fuel sales in Australia rose 3 percent year on year in the first quarter to 4.1 billion barrels, according to Gardez. As a result, Gardez shares rose as much as 1.07%.

Boys, go to the oil storage!


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