Perth drivers are facing a sharp increase in petrol prices, with some stations charging up to $2.07 per litre for regular unleaded on Wednesday. The spike comes as escalating conflicts in the Middle East threaten global oil supplies.
The average price of regular unleaded in Perth jumped from 159.3 cents on Tuesday to 188.7 cents on Wednesday, the peak of the weekly price cycle. EG Ampol is charging an average of $2.07 per litre, the highest in the city, followed by Caltex at $2.03 and 7-Eleven at 202.9 cents.
FuelWatch manager Ben Derecki said global oil and fuel prices were already rising before the weekend, and the conflict in the Middle East is expected to further increase world oil prices this week. He noted that the full impact of higher international prices will likely be felt over the coming week.
The Strait of Hormuz, a critical waterway handling about 20% of the world's oil and gas, has been effectively closed as Iran retaliates against US-Israeli strikes. This has driven benchmark Brent crude prices up around 8% to $US78.80 since the start of the conflict.
Treasurer Jim Chalmers has written to the Australian Competition and Consumer Commission, calling for monitoring of potential price gouging and warning service stations against opportunistic increases. The NRMA has also warned that the conflict has caused a surge in wholesale diesel prices, which could push regular unleaded fuel to the low $2 mark this week.
