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Australia gasoline prices hit highest level since March on oil surge

Gasoline in Australia rose to US$1.27 per liter in the week ending July 26, while diesel also climbed to its highest level since March, adding pressure to economic prospects and monetary policy.

Reported · Written up by our desk · Energy

Fuel prices in Australia surged to the highest levels since March as Middle East hostilities pushed international crude oil to its highest level in about two months, Oilprice reported.

According to the Australian Institute of Petroleum’s Weekly Petrol Prices Report, Australia’s nationwide gasoline prices reached US$1.27, or AUS$1.82, per liter in the week ending July 26, the highest since the end of March. Diesel prices also jumped nationwide last week to the highest level since March, increasing pressure on Australia’s economic prospects and monetary policy.

The outlet noted that despite Australia being a major gas and LNG producer, the country relies on imports for most of its transportation fuel supply. The article cited the Hormuz crisis in March and a fire at one of the country’s two refineries as factors that worsened fuel tightness.

The Australian federal government previously halved the fuel excise on gasoline and diesel for three months starting in late March to ease consumer financial stress. In April, it said it secured about 100 million liters of additional diesel, with shipments expected to arrive from Brunei and South Korea, the first of the fuel supply secured under a new Strategic Reserve program.

Latest closeWTI crude $90.47 ▼1.9%|Gasoline (RBOB) $3.272 ▼6.4%

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