Perth petrol: Prices to hit as high as $2.07 a litre amid escalating conflicts in the Middle East
Amid escalating conflict in the Middle East that threatens global oil supplies, Perth motorists will be punished with petrol prices rising to as much as $2.07 per liter in the bowser on Wednesday.
The average price of Perth’s regular unleaded petrol will rise from 159.3 cents on Tuesday to 188.7 cents per liter on Wednesday, the top of the weekly price cycle – but higher prices are likely from next week.
On Wednesday, EG Ampol will charge an average of $2.07 per liter for unleaded gasoline; this is the most expensive in Perth. Caltex will follow at $2.03 and 7-Eleven at 202.9¢.
The cheapest available is 163.8¢ from Vibe.
Drivers in Albany will have to pay an average of 173.2 cents per litre, while those in Bunbury and Busselton will have to pay 171.6 cents and 171.1 cents respectively.
FuelWatch executive Ben Derecki said global oil and fuel prices were already trending upward before the weekend, causing local wholesale prices to rise.
“Conflicts in the Middle East are expected to further increase world oil and fuel prices this week,” he said.
“Rising international prices have begun to trickle down to domestic prices, but FuelWatch expects to see the full impact of the higher international prices so far next week.”
The Strait of Hormuz, the narrow waterway between the Islamic Republic and Oman that carries about 20 percent of the world’s oil and natural gas, was effectively closed as Iran retaliated against US-Israeli attacks over the weekend.
Finance Minister Jim Chalmers wrote to the Australian Competition and Consumer Commission on Tuesday, urging the regulator to monitor potential price gouging and warning service stations against “opportunistic” increases.
“Emerging events should not be used as an excuse for retailers to rip off customers or opportunistically increase prices beyond the impact of events in the Middle East,” he said.
On the same day, automotive group NRMA warned that conflict in the Middle East had led to an overnight rise in wholesale diesel prices and that the fuel was critical to sectors such as mining, transport, agriculture, trade and retail in Australia.
The NRMA predicts the oil price shock means regular unleaded fuel will rise to the low $2 mark this week; Benchmark Brent Crude oil prices rose nearly 8 percent to $78.80 on Saturday since the start of the conflict.
In a worst-case scenario, Premium 98 unleaded fuel could reach $2.28 per liter this week, and budget E10 unleaded fuel is forecast to reach $2.01 per liter this week at bowser.
AMP economist Shane Oliver says every $10 increase in global oil prices equates to roughly 10 cents extra per liter drivers pay at the bowser.
