The RACV has commented that LPG prices have hit a record high and is urging motorists to fill up as soon as possible citing that prices have jumped by up to 12 cents a litre at some petrol stations.
RACV Acting Manager Vehicle Engineering, Nick Platt commented that the price increase is due to due to higher oil prices, a shortage of LPG in the Asian market and the northern hemisphere winter has also had an impact on the price.
Like Petroleum, the LPG price is based on an international benchmark. However, the LPG pricing cycle lasts longer then Petroleum lasting for a month while the petroleum pricing cycle lasts for 10 to 12 days.
“Since October 2011, the LPG regional benchmark price has risen by almost 35 per cent. RACV expected that the latest increase would have pushed prices up by four or five cents per litre, not the 12 cents per litre that we are seeing,” said Mr Platt.
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