Drop in the dollar to increase fuel prices

Fall in the Australian dollar to below parity with US greenback is predicted to push up petrol prices

By Ruza Zivkusic | September 27, 2011

Trucking operators are being urged to be mindful of an exprected increase in fuel prices due to a fall in the value of the Australian dollar.

Australasian Convenience and Petroleum Marketers Association General Manager Nick Moulis says trucking operators need to factor in the increases, which are expected to occur in coming weeks.

"They just need to be mindful of the costs involved in running their business, and if fuel is one of those, then like all things they just have to plan well to make sure they meet those needs," he says.

While the dollar’s fall is set to squeeze bottom lines and family budgets, Moulis says it has been a "good friend" to the Australian motorist for a long time.

"Motorists have relied on the Australian dollar to provide them with competitive fuel pricing," Moulis says.

"If we take a more long-term view of petrol pricing in Australia, it really is due to the cost of crude oil and the impact of taxation on fuel – retailers have no great control over the increase of pricing."

The Australian dollar was trading just below 98 US cents yesterday afternoon, a depreciation of around 10 percent since late July.

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