How do they work the petrol price out?
Is it simply the oil price per barrel divided by 158.987 to convert to per litre then times AUD/US currency exchange rate and then you double that because of the tax and GST
.
$110.67/158.978 x 1.0725 x 2 = $1.49
The one year forecast for oil is $143 per barrel which would mean $1.94 at the bowser
. If our dollar falls against the greenback for whatever reason it'll be even worse.