War in Middle East sends Australian fuel prices soaring to $2.11
Average fuel price jumped from $1.55 in July to $2.11, driven by Middle East conflict.
Global oil prices have soared above US$100 per barrel as conflict in the Middle East intensifies. Oil tankers are being targeted and sunk in the Strait of Hormuz by both sides of the war.
Australian fuel prices have jumped sharply in response, with regular unleaded petrol now averaging $2.11 a litre, up from $1.55 in July. Diesel has climbed almost 50 per cent since June.
The NRMA says high fuel costs are now the 'new norm'. Inflation fears are rising, prompting concerns the Reserve Bank will lift the cash rate at its late September meeting.
About one-fifth of the world's oil transits through the Strait of Hormuz.
- $2.11 a litre
- Current fuel price
- $1.55 in July
- Previous fuel price
- Almost 50 per cent since June
- Diesel increase
- One-fifth of world's oil
- Global oil through Strait
Why it mattersHigh fuel prices push up living costs for ordinary Australians and may trigger interest rate rises that increase mortgage repayments.
AustraliaAustralian fuel costs jumped 56 cents per litre since July, adding about $50 to fill a typical car tank.
✓ Claims checked against the source. checked 12 d ago
