Australian petrol hits $2.11 a litre as Middle East conflict deepens
Petrol has jumped to $2.11 a litre, up from $1.55 in July, as Middle East conflict drives oil prices higher.
Australians are facing the highest petrol prices in months as the Middle East war escalates and targets global oil supplies. Unleaded petrol has climbed to an average of $2.11 a litre, a significant jump since July, while diesel costs have risen almost 50 per cent since June.
Global oil prices have surged above $US100 a barrel as oil tankers are attacked and sunk in the Strait of Hormuz by both sides. NRMA spokesman Peter Khoury said high fuel prices are the new norm and will depend almost entirely on what happens in the Middle East.
The surge is raising inflation concerns and may prompt the Reserve Bank of Australia to lift the cash rate when it meets at the end of September. The Albanese government previously cut fuel excise by 26 cents a litre in April, then reduced it to 16 cents until August.
- $2.11 per litre
- Current petrol price
- $1.55 per litre
- July price
- above $US100 per barrel
- Oil price
- almost 50 per cent since June
- Diesel increase
Why it mattersRising fuel costs are sparking inflation fears and may prompt the RBA to lift interest rates, affecting borrowing costs for households and businesses.
AustraliaAustralian drivers paying significantly more at the pump, with higher fuel and diesel costs pushing up transport and food prices across the country.
✓ Claims checked against the source and corrected before publish. checked 13 d ago
