Get ready for $8-a-litre petrol
THE price of petrol could soar to a crippling $8 a litre over the coming decade, according to CSIRO-sponsored research to be released today. The nightmare scenario says the weekly family fuel bill for a medium-sized passenger vehicle could rise to $220 by 2018 – taking $12,000 a year out of family budgets.
Australians would be forced to radically change their lives and seek alternative forms of fuel and transport. A rise in fuel prices of this dimension would also rock the nation’s tourism and mining industries. Petrol costs will impact most on low-income earners and people in the outer suburbs and the regions, according to the report.
“Modelling undertaken for the Future Fuels Forum projected prices in the range of $2 to as high as $8 a litre by 2018 for petroleum-based products in Australia,” says the CSIRO-led forum. This compares with the painful $1.69 a litre motorists were paying at most petrol stations in Melbourne yesterday. ————————————————————————————-