Australian fuel prices are back to levels not seen since before the Iran war began four months ago, delivering much-needed relief to motorists as steep cuts in global oil costs continue flowing through to local service stations. New price data reveals that average unleaded petrol prices in Sydney and Melbourne have slid below $1.56 a litre, while diesel has dropped under $1.78 a litre. This marks the cheapest that fuel has been since late February, when Iran started blocking crude oil tankers from exiting the
Persian Gulf, causing huge increases in the cost of fuel and triggering a global energy crisis. At today’s prices, petrol and diesel are about 40 per cent cheaper than they were at the height of the conflict, when unleaded reached a record-high national average of $2.53 a litre and diesel soared to $3.19. Prices began easing following a preliminary ceasefire and progress towards reopening the Strait of Hormuz – a vital maritime choke point off Iran’s southern coast that handles up to 20 per cent
of global oil trade.
Australia fuel prices, Sydney petrol prices, Melbourne petrol prices, diesel prices Australia, Iran blockade crude tankers, Strait of Hormuz, Persian Gulf shipping, global oil costs
Finally, gas is going down.
So the blockade eases and magically the pump prices drop? I mean I’m happy but I don’t trust it’ll last. Watch it creep back up next week.
They say it’s the Strait of Hormuz like that’s totally far away from Australia, but somehow it affects my commute. 40% cheaper sounds fake though, because my local station never drops that fast. Also wasn’t the “pre-war” thing like, prices spiked because of sanctions not the war? idk.
Glad for motorists, but this just proves prices are basically controlled by whoever blocks ships. My brother said Iran was never the problem, it was the shipping companies being greedy, and now we’re seeing that. Either way I’ll take it, $1.56 sounds good. Now if they could do the same for groceries lol.