War in Iran inflates Australian fuel costs by $5 billion
Australians paid about $5 billion extra for fuel since fighting in Iran disrupted global supplies, equivalent to $324 per person.
Australians have paid about $5 billion extra for fuel since fighting in the Middle East disrupted global supplies, a Climate Council report shows. The conflict escalated with United States and Israel strikes in late February that disrupted shipping routes and oil supplies.
Australia is vulnerable because it imports 90 per cent of its diesel, 80 per cent of its jet fuel, and 68 per cent of its petrol. The fuel shock pushed inflation higher, from 3.7 per cent in February to 4.6 per cent in March.
The report notes that Australians using electric vehicles saved $1.7 billion in fuel costs over the same period.
- $324 per person
- Extra fuel costs per Australian
- $5 billion
- Total extra fuel costs
- 90 per cent
- Diesel imported
Why it mattersGlobal fuel shocks directly hit household budgets through petrol prices, food costs, and inflation-driven interest rate rises.
AustraliaHigher fuel costs have driven inflation, pushing up interest rates and putting pressure on mortgages, groceries, and everyday spending.
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