ERROL PARKER | Editor-at-large | Contact
A breakdown in high-level talks between Saudi Arabia, Russia and the rest of OPEC has caused the global oil price to enter freefall this morning which is set to trigger a rise in local petrol prices.
However, nobody is quite sure why this lower oil price will probably make petrol cost more.
That includes the Prime Minister, who today shrugged his shoulders when asked if this drop in crude oil will make petrol prices higher.
“I don’t really know,” said Scott Morrison.
“It will probably make them go up but I don’t know why. Might have something to do with the higher refinery costs or something? Our dollar is pretty weak at the moment against every major currency around the world. Even New Zealand’s dollar is hammering us. I don’t know why,”
“It’s more of a problem for Josh Frydenberg or Mathias Cormann. Probably both of them if I’m honest. Ummm, yeah. Hopefully, they go down. Common sense would dictate that the price would go down but I’m in over my head here if I’m honest. I’m just waiting for all this to blow over.”
More to come.
