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.
Read the full story here.
Read the full article here
