Sydney fuel jumps to $2.34 as Middle East conflict ripples
Sydney unleaded petrol reached $2.34 a litre after US-Iran conflict and a drone attack on Saudi Arabia's pipeline disrupted global oil supply.
Sydney's unleaded petrol hit $2.34 a litre this week, up more than 20 cents in seven days. The US conflict with Iran has disrupted the Strait of Hormuz, and a drone attack on Saudi Arabia's East-West pipeline has tightened global oil supply.
Commodities experts at the Commonwealth Bank warn oil markets have five to ten weeks before inventories run critically low. If that happens, oil could surge to US$150 a barrel, pushing fuel up another 40 cents per litre.
The federal government is not currently considering cutting the fuel excise, with Treasurer Jim Chalmers saying cost-of-living relief is being provided in other ways. The NRMA says the answer is de-escalation in the Middle East, which would bring prices back down quickly.
- $2.34 a litre
- Sydney unleaded price
- more than 20 cents
- Weekly jump
- 5-10 weeks
- Time to critical inventory
- US$150 per barrel
- Potential oil price
Why it mattersAustralians fill their cars regularly, so fuel price spikes hit household budgets immediately and flow through to groceries and transport costs.
AustraliaEvery rise in fuel costs flows into groceries, deliveries and transport across Australia, making the cost of living higher for all households.
✓ Claims checked against the source and corrected before publish. checked 6 d ago
