West Texas Intermediate peaked at about US ~$144 per barrel
Local petrol prices peaked around ~$1.75 for 98 RON fuel if i remember correctly.
AUD-US exchange rate was around ~97c
West Texas Intermediate has fallen to US ~$42 per barrel
current exchange rate is 63c
local petrol prices are around ~$1.40 for 98 RON fuel
Commonwealth excise is 38c/litre
117 Barrels per litre
144/0.97 = AUD $148/Barrel
148/117 = AUD $1.26/litre
1.26*1.1 + 0.38 ~ 1.75.. Makes sense!
42/0.63 = AUD $67/Barrel
67/117 = AUD $0.58/litre
0.58*1.1 + 0.38 = 1.02
there is at least a 35c disparity!
This does not make sense to me. Does it make any sense to anyone else? Who should we complain to?