petrol prices jump to six month high

http://www.news.com.au/story/0,23599,21448049-2,00.html
March 26, 2007 03:15pm
THE price of petrol has reached a six-month high, new figures show.

The national average price is at 123.9 cents a litre.

The high comes after seven straight weeks of increases to the price at the pump because of unexpected maintenance shutdowns at major US oil refineries.

CommSec equities economist Martin Arnold said the rise had added $20 a week to the average family's expenses.

"However, as refineries ramp up production of gasoline ahead of the US driving season, the tightness in the market should moderate," he said.

"Singapore gasoline prices are stabilising and so are Aussie prices.

"There are upside risks, with an increase in tension in the Middle East, causing a spike in crude oil prices over the weekend.