Middle East Conflict Drives Fuel Prices to Record High

Australia's fuel prices have surged to $2.11 per litre of unleaded petrol due to escalating tensions in the Middle East, sparking inflation fears and prompting experts to warn that high fuel costs will persist.

The conflict between the US and Iran has led to a significant increase in global oil prices, with crude now trading above $100 per barrel. This has resulted in a massive jump in fuel prices at the bowser, with diesel prices increasing by almost 50% since June.

NRMA spokesman Peter Khoury said that high fuel prices are now the 'new norm' and are heavily influenced by events in the Middle East. He warned that Australians should be prepared for continued high fuel costs and urged motorists to check fuel prices in real-time and shop around for savings when filling up.

The Albanese government temporarily halved the fuel excise in April, slashing 26 cents off a litre, but this measure has now expired. Khoury said that keeping options open was the best approach to the unfolding crisis, as prices are nowhere near the record high levels seen earlier this year.