Australian Petrol Prices Climb 3-5 Cents as Oil Tops $100 on Middle East Tensions
Updated
Updated · ABC News · Jul 24
Australian Petrol Prices Climb 3-5 Cents as Oil Tops $100 on Middle East Tensions
3 articles · Updated · ABC News · Jul 24
Summary
Australia’s average unleaded price rose to A$1.85 a litre and diesel to A$2.26, with both up 3-5 cents in 24 hours as motorists brace for broader increases.
Oil jumped above US$100 a barrel after renewed US-Iran bombing near the Strait of Hormuz and Houthi attacks on two Saudi vessels in the Red Sea disrupted key export routes.
NRMA said prices remain well below April’s records of A$2.50 for unleaded and A$3.27 for diesel, but warned fuel shocks quickly feed into transport, food and other household costs.
The 16-cent-per-litre fuel excise cut remains in place until August 2, and the group said a government decision on extending it could come within days.
Higher fuel costs could add to inflation pressure and leave the Reserve Bank with little choice but to raise interest rates, while the NRMA urged households not to panic-buy.