As world oil prices continue to rise, so the ramifications for Australians Nationwide will continue.

In early May of this year Australian petrol pumps were demanding an average of $1.47 a litre. This is distressing news for Australians as the pressures of rising inflation already affect living and mortgage costs. Goldman Sachs warns US oil prices could soon reach $US200, a barrel which would send Australian petrol prices to a colossal $2.00 a litre.

As these petrol prices rapidly increase, it only serves to put further pressures on Australians, especially those struggling to make ends meet with hiking mortgage interest rates. As Craig James form CommSec advised, “The tipping point now for consumers to again adjust their behaviour is $1.50 a litre.” […]