Fuel Prices Soar Above $2 per Litre as Middle East Tensions Rise

Motorists in Australia are bracing for further increases to fuel prices as global oil prices surge above $US100 per barrel. The conflict in the Middle East is escalating, with oil tankers being sunk by both sides, and this has led to a significant jump in Australian bowser prices.

The average price of regular unleaded petrol has risen to $2.11, up from $1.55 in July, while diesel prices have increased almost 50% since June. Fuel prices are now edging above $2 per litre, sparking inflation fears and concerns about the Reserve Bank of Australia's decision on interest rates.

NRMA spokesman Peter Khoury said that high fuel prices are 'the new norm' and depend heavily on events in the Middle East. Energy Minister Chris Bowen noted that the ongoing war is not improving global fuel supply and is pushing up prices, but remains committed to guaranteeing fuel security for Australia.