Petrol prices rise again as Albanese government warns Iran war ceasefire won’t make fuel cheaper | Petrol prices

Gasoline prices are rising again and diesel wholesale prices have hit new record highs as the government warns that a US ceasefire with Iran will not make the fuel cheaper.

Average unleaded prices at gas stations in some cities rose for the first time since late March on Wednesday as fuel tankers increased their fees.

Oil prices fell on traders’ bets that reopening the Strait of Hormuz would help restart fuel supplies, but Energy Minister Chris Bowen told reporters Australians should not “get ahead”.

“People shouldn’t take today’s progress and expect prices to fall,” Bowen said. “We welcome progress but [strait of Hormuz is] It’s open now.”

Bowen said governments’ temporary 32 cents per liter cut in fuel duty would continue until July even if oil prices fell before then, leaving the door open for it to be extended further.

“We will evaluate the situation towards the end of the three months… we hope things will improve by then,” he said. “Fuel prices will drop when this war is over.”

Unleaded prices rose to 227 cents per liter in Perth, 225.7 cents in Hobart and 223.9 cents in Canberra on Wednesday, according to MotorMouth. Diesel prices across the country rose to an average of 319 cents per liter.

The costs at the service station come after crude oil prices increased costs charged to fuel tankers. Diesel wholesale prices rose 20 cents to a new record of 320 cents per liter on Wednesday morning, according to Australian Petroleum Institute data.

Wholesale unleaded prices rose 4 cents per liter on Wednesday, according to AIP data. With the effect of the SCT reduction, unleaded gasoline decreased by 40 cents per liter in late March, while diesel prices decreased by 12 cents per liter.

Bowen said unusually high fuel purchases continued into April, with demand 30% higher over the Easter weekend in 2026 compared to 2025.

“Fuel is running out rapidly, so there are huge increases in demand, especially for diesel,” he said.

He said fuel supplies had been secured until May and deals would be announced soon under the government’s plan to undertake fuel shipments through Export Finance Australia.

Prime Minister Anthony Albanese will travel to Singapore on Thursday to meet with the country’s prime minister, Lawrence Wong, and fuel is expected to be high on the agenda. Singapore is Australia’s largest source of refined fuel.

The Albanian government has been in contact with partners in Asia and beyond to support fuel supplies, with reports that Japan’s prime minister could visit Australia in the coming weeks and expectations that Alban could soon visit other regional fuel exporters.

The government is understood to be tapping into Australia’s natural gas supplies, which are important for partners via Asia, to ensure continued oil and fuel supplies.

“One of the things about Australia is that we are a reliable energy supplier, particularly to North Asia, Japan and South Korea, we also supply LNG to Singapore and Malaysia. And we expect reciprocal arrangements,” Albanese told Sky News.

“And what’s happening now is that we’re reaching out to our partners in the region to make sure that the common interests that we have are highlighted. This issue, which is a global crisis, is affecting economies in our region and around the world. It’s important that our partners continue to work together, and that’s what we’re working towards.”

Albanese welcomed news of the ceasefire, saying the effects of America’s military strike on Iran were hurting Australians.

“We are already seeing the significant impacts of a war on the other side of the world, but it has an impact on Australians here, as it does on citizens all over the world,” he told Sky.

“This is very positive and we hope this will lead to a permanent de-escalation, an end to the conflict and a solution that will allow the world to move forward.”

Albanese and foreign minister Penny Wong said in a written statement about the ceasefire that “the longer the war lasts, the more significant its impact on the global economy will be and the greater its human cost.”