The consumer watchdog says the main factor to the escalating cost has been the Aussie dollar weakening against its US counterpart because fuel is bought and sold in the latter’s currency.
Annual average retail petrol prices in the five largest cities in nominal and real terms: 2000—01 to 2018—19. Graph: ACCCThe watchdog said a significant development in the petrol industry in the first half of the year was the change in agreements at both Coles Express to Viva Energy and Woolworths to EG Group.
he was predicting the RBA to leave the cash rate on hold again in September, but another cut will send the Aussie dollar spiralling further. The price of oil is linked to other commodity prices. And, commodity prices are typically what causes the Aussie dollar to move.
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