Australian Gasoline Prices Hit Highest Since March Amid Middle East Tensions
Fuel prices in Australia surged to their highest level since March during the week ending July 26, driven by Middle East hostilities that pushed international crude oil to two-month highs. According to the Australian Institute of Petroleum, nationwide gasoline reached US$1.27 (AUS$1.82) per liter, while diesel prices also rose to their highest since March, adding economic and monetary policy pressure. Australia, despite being a major gas and LNG producer, imports most of its transportation fuel. The situation worsened after the Hormuz crisis and a fire at one of only two domestic refineries. In response, the federal government halved the fuel excise for three months in March and secured emergency fuel shipments from Brunei, South Korea, and China under its Strategic Reserve powers. Foreign Minister Penny Wong stated Australia is working with regional partners to address the global economic shock and ensure essential fuel flows.
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