Petrol prices hit all-time high

Melbourne petrol prices have hit an all-time high of 164.9 cents a litre today. As crude oil futures dipped below $US129 a barrel this morning, the city's unleaded petrol prices surpassed last week's record high of $162.9. The average price so far today is 149.9 cents per litre of unleaded fuel - almost 20 cents above the average of 130.4 cents paid by motorists in May last year, according to the RACV. The lowest price is 145.9 cents in Highett and Moorabbin. Motormouth director Alan Cadd said today's record high reflected crude oil price spikes over the past fortnight.

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