Extract The AUST today:
'Oil price to bite at pump: Caltex
Caltex chief Julian Segal has warned that petrol prices are set to rise further from the three-year highs they are already sitting at, as recent crude oil prices flow through to Australian fuel costs. National average pump prices of $1.46 per litre are the highest they have been since 2014, when oil prices were trading above $US100 per barrel. Brent crude oil prices are trading at a 3½-year high of $US77.75 a barrel as President Donald Trump on Tuesday withdrew the US from a 2015 international agreement to curb Iran’s nuclear program, triggering a snapback of economic sanctions against the Islamic Republic. “This is a long way away from the $US35- $US40 you had not so long ago,” Mr Segal said at Caltex’s annual meeting yesterday. “You have doubled the price and the rate of exchange is going down. What you are seeing is a reflection of this.”....'
STO, page-31
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