Australian fuel hits $2.11 as Middle East war cuts oil supplies
Petrol prices jumped from $1.55 in July to $2.11 now, driven by tanker attacks in the Strait of Hormuz.
Fuel prices across Australia have surged to an average of $2.11 a litre for regular unleaded, up sharply from $1.55 in July. The jump is driven by Middle East escalation, where oil tankers are being targeted and sunk in the Strait of Hormuz, pushing global oil above US$100 a barrel.
Diesel has risen almost 50 per cent since June. The Reserve Bank of Australia is now facing pressure to raise the cash rate when it meets at the end of September, which would add to the cost of mortgages and loans.
NRMA spokesman Peter Khoury said high fuel prices are now the "new norm" and depend almost entirely on what happens in the Middle East.
- $2.11 per litre
- Current price
- $1.55 per litre
- July price
- above US$100 a barrel
- Global oil price
- about one fifth of world's oil
- Strait of Hormuz share
Why it mattersEvery Australian driver faces higher fuel costs. Rising prices spark inflation fears and raise concerns the Reserve Bank will lift interest rates.
AustraliaAustralian petrol prices up 36 per cent since July; RBA may lift the cash rate at its 26 September meeting, raising mortgage costs for millions of Australians.
✓ Claims checked against the source and corrected before publish. checked 12 d ago
