Australia paid $9 billion extra for diesel in just six months
Wars in the Middle East and Ukraine cost Australia $9 billion extra for diesel in six months.
Australia spent almost $9 billion extra on diesel imports in six months as wars in the Middle East and Ukraine dried up traditional sources. Diesel prices peaked at A$3.20 a litre this year, compared with about A$1.79 a year earlier.
Iran's closure of the Strait of Hormuz cut Gulf exports, while Ukrainian drone strikes crippled Russian refineries, the world's biggest exporter. Australia imports around 28 billion litres annually, making it the world's top seaborne diesel buyer.
The US emerged as the leading diesel exporter, while Asian refineries quadrupled their market share. Australia now buys almost half its diesel from South Korea, which itself depends on the Middle East for crude oil.
Diesel prices remain very high at around $2.79 a litre despite stabilization.
- A$9 billion
- Extra cost
- 28 billion litres
- Annual imports
- A$3.20 per litre
- Peak price
- 2% of global supply
- Russia's exports by October
Why it mattersDiesel powers freight, mining, and farming across Australia, so price spikes flow through to the cost of goods, fuel, and food.
AustraliaAustralians are paying more at the petrol pump and for goods transported by truck, with costs unlikely to fall unless Middle East tensions ease.
✓ Claims checked against the source and corrected before publish. checked 3 h ago
