OIL prices sunk overnight - but Australians hoping for cheaper petrol are out of luck, as the dollar's slump cancels out any savings we might get here. With prices far below record highs around $US147 a barrel in July, the price of oil dropped $US2.36 to close at $US86.59 a barrel overnight. But oil's 11-month low has also coincided with a slump in the Aussie dollar, which fell below US68c - which effectively cancels out any drop in petrol prices here, says Commsec's Savanth Sebastian. "If the Aussie dollar had remained steady then we would have seen a drop of up to 40 cents per litre," Mr Sebastian said. "However the weak Aussie dollar has significantly impacted the chances of petrol prices dropping for consumers." "The only thing that will see a drop in petrol for the consumer will be an appreciation in the Aussie dollar,...
[read full story]
Your Web Site
