Petrol prices tipped to keep rising

Petrol prices tipped to keep rising

Introduction

This article is about the reasons behind the increasing fuel prices in Australia. For the last two months, the price of this product has been on the increase and there is no sign of any change in the near future. The released data by economists shows that further substantial price gains are unavoidable. Petrol prices are not mainly determined by domestic economic conditions but more on the international factors (Bhattacharyya, 2011). For the last few weeks, petrol prices have tripled in Canberra, and the economists predict that the prices will continue rising nationally. The article gives a report by RACQ, which focuses on monthly fuel price trends in Brisbane for 2013 January, the comparison of regional prices and capital city prices of Australia. To analyze the article, the report considers the economic concepts which analyses this situation. Some of the economic models used are consumer surplus, supply and demand, scarcity, elasticity and competition (Duff, 2005).

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