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It was the fourth straight day that Brisbane prices were at a three-year high. The price surge began on April 18 when average prices rose to $1.37. By April 21 they were at $1.50 and kept climbing to hit a new high on Anzac Day. As usual, Brisbane’s prices were the highest in the nation. Melbourne drivers were paying $1.51 on Wednesday, while Sydney, Darwin and Perth drivers were paying $1.50. Petrol prices in Brisbane appear to operate on a 30- to 40-day cycle, according to consumer watchdog the ACCC, which means relief might be in sight. Global oil prices have surged to just under $US70 a barrel, up from $US63 at the start of April, seemingly because of a drop in global supply. OPEC, a group of 25 oil-producing nations, struck a deal in December 2016 to curb production in order to inflate the oil price. Up to that point OPEC members had been overproducing in a failed attempt to put US shale oil producers out of business. However, according to The New Daily economics commentator Rob Burgess, Australian retailers might also be taking advantage of the news to boost profits. “What appears to be happening is that some retailers are using news of rising oil prices as cover to get their average profit margin up a bit –making hay while the sun shines,” he wrote this week.
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