Department points to biofuels as oil price solution

PETROL and diesel-dependent industries can expect few breaks in the upcoming budget, with the Department of Energy pointing to the development of the biofuels industry as the solution to the surge in oil prices.

Already, Environment Minister John Gormley has signalled he intends to penalise “gas-guzzling” domestic cars with engines of 1.6 litres upwards.

The average national petrol price is 118.8 cent per litre, while the average price for diesel is 117.3c.