Australian drivers are being warned not to expect any immediate relief from sky-high petrol prices that have risen back beyond $2.10 a litre despite steep falls in the cost of crude oil this week | lachieabbott NickToscano1
Australian drivers are being warned not to expect any immediate relief from sky-high petrol prices that have risen back beyond $2.10 a litre despite steep falls in the cost of crude oil this week.
Federal Treasurer Jim Chalmers has all but confirmed there will be no extension to the fuel excise subsidy beyond September.However, economists and energy analysts expect oil markets to remain tight as Western countries continue shunning Russian supplies, meaning the price fall is unlikely to persist for long enough to flow through to Australian petrol stations.
Motoring industry groups on Wednesday said ongoing volatility in oil markets meant the latest crude oil price drop was unlikely to lead to significant relief for drivers.“The long and the short of it is 2022 has been probably one of the most volatile years we’ve ever seen – so, with these things going up and down, we take them all with a bit of a grain of salt,” said Bridget Ahern, of the NSW-based National Roads and Motorists Association.
ANZ commodity strategist Daniel Hynes said a lack of output from refineries producing petrol would also contribute to keeping fuel prices high. “The flow-on impact to Australian consumers may be a little limited in the shorter term,” Hynes said.“The delay we tend to see from global oil prices to petrol prices in Australia can be weeks, if not months. So, we’re not likely to see a fall in petrol prices next week as a result of the [oil price] collapse.
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