Petrol pressure up with soaring oil price

World oil prices pushed toward historic highs overnight which will add renewed pressure to local petrol prices.

Data showed US petrol inventories unexpectedly fell during the peak driving season, highlighting supply concerns.
The surge in the oil price is expected to push petrol prices in Australia back towards $1.50 a litre at the pump.

That will place more pressure on household budgets, especially those who need to travel long distance and could pressure the inflation rate higher towards 3 per cent.

Crude prices stepped up gains after the publication overnight of the US Department of Energy’s weekly snapshot of US energy stockpiles.

Australian