Economists: Get ready for $2.50 petrol
5:00AM Thursday May 22, 2008
By Alanah May Eriksen
Motorists will soon be paying $2 a litre for the most widely used grade of petrol, economists have warned, and the price could reach $2.50.
The rises are inevitable as increasing international oil prices affect the New Zealand market.
And they could get worse, Westpac economists forecast.
US light crude oil reached a record US$130 a barrel on Tuesday and was just above US$129 last night.
New Zealand buys Dubai crude oil, which generally costs several dollars a barrel less than the US light crude.
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