Australian petrol and diesel prices have increased to their highest levels since April, largely because of Iran war-related crude oil price movements, data from price monitoring services show.
Retailers in New South Wales will sell unleaded 91 octane petrol and diesel for A$2.10/litre and A$2.55/litre, respectively, on 9 September, data from price monitor FuelWatch NSW show. Petrol and diesel prices averaged A$2.11/litre and A$2.86/litre in the state, respectively, in April.
In Western Australia (WA), motorists in metropolitan areas similarly paid A$2.01/litre for unleaded petrol and A$2.53/litre for diesel on 8 September, data from price monitor FuelWatch WA show. Unleaded petrol and diesel prices in WA’s metropolitan areas averaged A$2.06/litre and A$2.93/litre, respectively, in April.
Australian diesel and petrol prices have increased in recent weeks because of crude oil price hikes linked to maritime disruptions in the Strait of Hormuz. Brent crude oil futures traded at $97.81/barrel (A$135.85) on 8 September, up from $87.72/barrel on 10 August, data from Trading Economics show.
Australian fuel prices fell each month between April and June because of a fuel excise cut and a brief reopening of the Strait of Hormuz.
The Australian Government cut the country’s fuel excise rate from A$0.53/litre to A$0.21/litre, from 1 April until 30 June, using excess state and territorial GST revenue linked to elevated fuel prices. It halved its fuel excise cut on 1 July and wound it back on 2 August.
Fuel prices increased by 7.5% on the year in July, for the first time since March, because of the Government’s excise changes. “The overall impact of changes in taxes on petrol and diesel prices [since July] may be up to 18.8 cents, [after accounting for GST impacts,]” the Australian Competition & Consumer Commission said on 21 August.
By Avinash Govind