Australian Petrol Prices Hit $2.41 Amid Global Oil Volatility

Australian petrol prices have risen above $2.40 a litre for the first time in over six months, with the national average for regular unleaded reaching nearly $2.41. The price surge follows an escalation of the Iran war, including attacks on oil tankers in the Strait of Hormuz and conflict between Saudi Arabia and Iran-backed Houthis in the Red Sea.

Global crude benchmark Brent oil peaked at $US105 a barrel after deadly attacks on the main airport in Riyadh. In response to tightening supplies, G7 nations announced the release of 100 million barrels of diesel and crude oil from strategic stockpiles. While Donald Trump and Vladimir Putin discussed partially easing the U.S. ban on Russian diesel, Australian Federal Energy Minister Chris Bowen stated that Australia does not intend to source diesel from Russia.

Despite the global volatility, Australian officials report that national fuel reserves remain healthy, with 43 days of petrol and 31 days of diesel available.