Nice bit of market conditioning from Caltex there.... Tell us that we'll have to pay $3.5/litre, and then we won't bitch and moan too much when it gets to $2.50/litre....
If petrol went to $3 tomorrow, the direct costs would hurt, but wouldn't really change my behaviour much.
What would be the killer, is the way it'd significantly increase the cost of everything, due to the increased costs of transporting stuff around the country.