Australia news live: ski fields reach July temperature high; diesel prices surge | Australia news
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Luca Ittimani
Rising fuel prices may lead to interest rate increases
Shane OliverFuel prices could rise another 10 cents as the recovery in oil prices is not yet fully realized, AMP chief economist said in a note on Friday.
Oliver said that if the conflict in the Middle East continues and global stocks decrease, oil prices will rise further.
The longer the strait remains closed and the war escalates, the greater the risk that oil prices will rise to around US$150 per barrel to drive down demand to match the hit to supply.
Prices are expected to rise another 16 cents when the federal government’s partial fuel rebate ends on Aug. 2. Oliver predicted that the government would extend the consumption cut.
Rising prices will increase inflation and increase the likelihood of the Central Bank increasing interest rates. On Friday, markets estimated the chance of an increase by December would be 65%, down from around 50% a week ago.
Luca Ittimani
Diesel prices increased by 15 kuruş in five days
Diesel prices rose 15 cents per liter in five days as Donald Trump’s war in Iran sent global oil prices soaring.
Oil and fuel costs rose to their highest levels in more than a month. Brent crude oil prices fell to around US$70 per barrel following the mid-June peace deal between the US and Iran, but rose to US$88 after more than a week of strikes.
While rising oil costs push up wholesale prices of diesel and gasoline, service stations pass this increase on to drivers.
Diesel prices in Melbourne rose from 192.8 cents to 209.9 cents per liter from Monday to Saturday, according to average data from MotorMouth. The diesel price reached 207.1 cents in Brisbane, 205.1 cents in Sydney, 204.3 cents in Adelaide and 201.5 cents in Perth.
Unleaded petrol prices rose 7 cents per liter in a week to 177.5 cents per liter in Brisbane, 175.8 cents in Melbourne and 172.5 cents in Sydney.
Ski slopes reached July’s highest temperature on Saturday
Petra Stock
It was a very hot day in the Australian Alps yesterday; many ski areas reached record-breaking temperatures (records have not yet been confirmed by the Bureau of Meteorology’s climate team).
Mount Hotham reached 11.1C. This is 2.4C higher than the previous July record of 8.7C, set in 1994.
Falls Creek temperature reached 11.5°C, surpassing the highest July temperature of 9.8°C in 1992.
Perisher in New South Wales reached 11.9C, which looks set to be the highest for July.
Dr. Andrew Watkinsresearch fellow at Monash University sent He noted the following in his observations on social media:
Large, slow-moving high pressure systems create large areas of sinking and warming air, causing radiation reversal = warm air is trapped above the ground. Moreover, climate change…
In June, the BoM expected snow conditions to be worse, with a warmer, drier winter forecast.
Penry Buckley
Welcome
Good morning and thank you for joining us. I Penry Buckley and I will tell you today’s breaking stories. Let’s get started.
Record-breaking temperatures were recorded in many ski areas on yesterday’s exceptionally hot day in the Australian Alps. More details on this coming soon.
The liter price of diesel increased by 15 cents in five days Donald TrumpThe war in Iran, along with escalating conflicts over the Strait of Hormuz, has increased global oil prices.
