Category Archives: Petrol prices

Labor to underwrite Australian fuel imports under new security powers to ensure supply

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Albanese announces forthcoming legislation to guarantee private sector purchases of fuel and fertiliser

The Australian government will take on the financial risk of importing essential products affected by the war in the Middle East to get additional supplies of petrol, diesel, and fertiliser into the country.

The prime minister, Anthony Albanese, announced the new fuel security powers on Saturday after a month of soaring diesel and petrol prices and widespread shortages at service stations, particularly in regional Australia.

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Older Australians in ‘immediate danger’ as fuel crisis affects travel for aged care workers

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Unions and farmers call for government intervention as agriculture, construction and waste industries also at risk from higher prices

Care workers, tradespeople and transport drivers are being hit hard by ballooning fuel costs, with some industry groups urging the government to roll out assistance packages or even a jobkeeper-style wage assistance program to help businesses avoid laying off staff.

Reports of small mining businesses scaling back operations and some construction companies deciding against hiring more apprentices have prompted suggestions the government should step in to help, with the Master Builders Association already forecasting a downturn in the number of homes that will be built this year.

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Albanese government says fuel supply ‘same, if not higher’ in coming weeks as Coalition calls for halving of excise

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Latest figures from ACCC show diesel and unleaded petrol prices across the five largest cities up 10% and 8% respectively

The prime minister and energy minister moved to reassure the public about normal or even higher levels of fuel supply in the coming weeks, as the Coalition escalated calls for a cut to the fuel excise and the government downplayed the prospect of any major restrictions on petrol sales.

It comes as the latest figures from the consumer watchdog showed diesel prices across Australia’s five largest cities have risen by an average of 10% over the last week, while unleaded petrol was up 8%.

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Australia urged to swap diesel for electric buses as fuel costs soar

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Electric buses are just 1% of the Australian fleet compared with 80% in urban China, a quarter in the Netherlands and 12% in the UK

As diesel climbs past $3 a litre amid fuel security concerns, transport advocates are calling for the rollout of electric buses across Australia to be prioritised.

In Australia, just 1% of buses are electric, compared with 80% of the urban fleet in China, a quarter in the Netherlands and 12% in the UK.

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‘Political Band-aid’: cutting Australia’s fuel excise could make petrol shortages worse, economists say

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Fuel tax cuts also risk adding to inflation by enabling some households with enough income to spend more

Fuel excise cuts would be a “political Band-aid” that could worsen petrol shortages and add to inflation, economists have warned.

The mining billionaire Gina Rinehart, Tasmania’s state premier and Liberal opposition leaders in New South Wales and Victoria have called for the Albanese government to cut the excise on petrol and diesel.

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Hundreds of petrol stations across Australia run out of fuel as Albanese inks supply deal with Singapore

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Energy minister, Chris Bowen, says ‘we’re a long way’ from further action like fuel rationing despite shortages

Hundreds of service stations across Australia have run out of fuel, with the federal government inking a deal with Singapore, one of the country’s biggest sources of refined petroleum, to keep supplies of diesel and petrol flowing.

Concerns are now broadening to supplies of fertiliser and other chemicals, heaping more pressure on the Albanese government’s leveraging of overseas exports of coal and gas in a bid to handle of the crisis.

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Six fuel ships bound for Australia cancelled as Bowen concedes ‘flow of oil to Asian refineries has slowed’

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Energy minister says war on Iran creating ‘uncertain environment’ but insists government doing ‘all the preparatory work’

Six oil ships bound for Australia have been cancelled in recent days but the federal government is not yet considering any drastic measures, the energy minister, Chris Bowen, says.

Bowen said on Sunday that six ships from Malaysia, Singapore and South Korea, that had been expected to arrive next month, were cancelled or deferred. The federal government was working to replace the ships, with some already substituted, the minister told ABC TV.

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Petrol theft expected to rise in Australia as police call for more CCTV and prepaid pumps

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Amid a surge in fuel prices and fear of shortages, SA police chief signals officers might stop investigating ‘drive-offs’ unless service stations install prepaid pumps

The rusty green fuel trailer hardly looks like it is worth stealing. But some time before 1 March it was hooked up to the back of a vehicle and taken from a property at Huntley, south of Orange, in the New South Wales central tablelands.

It was just another in a series of thefts that police across Australia are keeping a watchful eye on.

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European drivers face €220 a year jump in fuel costs due to Iran conflict, say experts

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Exclusive: Oil at $100 a barrel means higher prices in the EU and UK, making savings for those with electric vehicles even greater, analysts say

European drivers face paying an extra €220 (£190) a year at the pumps because of the surge in oil prices caused by the war in Iran, analysts have warned. In the UK, a separate estimate puts the cost at an extra £140.

A sustained oil price of $100 a barrel, the level seen on Monday, would mean motorists in the EU paying €55bn more over a year, researchers at the Transport & Environment (T&E) thinktank estimated. That is the equivalent of an average of €220 for each driver, with higher-mileage drivers facing even bigger hikes. The assessment was made by comparing data from 2022, when Russia’s invasion of Ukraine pushed the oil price to the $100 mark, with data from 2017-2019.

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European drivers face €220 a year jump in fuel costs due to Iran conflict, say experts

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Exclusive: Oil at $100 a barrel means higher prices in the EU and UK, making savings for those with electric vehicles even greater, analysts say

European drivers face paying an extra €220 (£190) a year at the pumps because of the surge in oil prices caused by the war in Iran, analysts have warned. In the UK, a separate estimate puts the cost at an extra £140.

A sustained oil price of $100 a barrel, the level seen on Monday, would mean motorists in the EU paying €55bn more over a year, researchers at the Transport & Environment (T&E) thinktank estimated. That is the equivalent of an average of €220 for each driver, with higher-mileage drivers facing even bigger hikes. The assessment was made by comparing data from 2022, when Russia’s invasion of Ukraine pushed the oil price to the $100 mark, with data from 2017-2019.

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Can the IEA put a lid on the price per barrel by releasing oil stockpiles?

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Despite rare act of multilateralism, there is no guarantee the IEA’s release of 400m barrels from reserves will depress prices

When the global economy was still in the grip of the devastating 1970s oil crises, exposing the chokehold exerted by a few important oil states, the International Energy Agency (IEA) was created, in the hope of limiting future shocks.

Almost half a century on, the IEA’s 32 members have drawn up plans to hit the emergency button, for only the fifth time in its history.

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Warm weather and live events give lift to retail sales in Great Britain

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Shoppers flock to stores in June for food, drink and merchandise, and also go on short breaks

Sunny summer weather and a packed schedule of events including Wimbledon, concerts by Oasis and Beyoncé, and international cricket and football sent shoppers flocking to retailers and supermarkets last month.

Retail sales volumes in Great Britain rose by 0.9% in June, bouncing back from a sharp fall in May, although slightly below analyst consensus forecasts of a 1.2% month-on-month increase.

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UK petrol prices poised to rise as Israel-Iran conflict pushes up cost of oil

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Oil price increase likely to add 5p to petrol and diesel over the next couple of months, expert says

Britons are braced for higher prices at the pumps, after a rise in oil prices caused by the conflict between Israel and Iran in recent days.

Oil prices climbed again on Monday, as traders worried about the risks of a broader regional military conflict, which could disrupt supplies. Iran is a big oil producer, and accounts for about 3% of global supplies.

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UK petrol prices poised to fall further as oil production may be stepped up

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Global oil prices tumble after reports that Opec+ is ready to raise output despite weaker demand for fossil fuels

Global oil prices have tumbled by more than $1 a barrel in a sign that pressure on households at the petrol pumps could ease further.

The price of Brent crude fell to $63.86 a barrel on Thursday following reports that the Opec oil cartel and its allies may increase their production for July, despite weaker global demand for fossil fuels.

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UK inflation stays at 2.2% as lower petrol prices offset by higher air fares

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Annual rate in August unchanged, and hovering above Bank of England’s 2% target

The UK’s annual inflation rate rose by 2.2% in August, matching the increase in July, as lower petrol prices at the pump were offset by higher air fares.

Figures from the Office for National Statistics (ONS) show the government’s preferred measure of the cost of living remained steady, matching forecasts by City economists and hovering just above the Bank of England’s 2% target.

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Next UK government poised to benefit from fall in inflation and fuel prices

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Pressure on household finances eases as shop price rises slow to 0.2% and petrol costs drop for second month

Britain’s next government is poised to benefit from easing pressure on household finances after a slowdown in inflation in stores and a fall in fuel prices, but costs remain “too expensive” for many families.

Figures from the British Retail Consortium (BRC) show that annual UK shop price inflation cooled last month to 0.2%, down from 0.6% in May – the slowest pace since October 2021 – as retailers cut the prices of many of their key products, including butter and coffee.

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Asda-owning Issa brothers go their separate ways amid family rift

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Union warns of risks to shoppers and staff after Zuber Issa sells 22.5% supermarket stake to private equity co-owners TDR Capital

The billionaire brothers who part-own Asda have gone their separate ways, with Zuber Issa selling his shares in the supermarket to the private equity firm TDR Capital amid a rift between the siblings.

Zuber owned 22.5% of the Leeds-based grocery chain after a £6.8bn takeover alongside his older brother Mohsin and TDR three years ago. The sale of his stake had been expected for months, but was thought to have been complicated by lock-in agreements.

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Asda now the most expensive UK supermarket to buy fuel, study shows

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Chain once prided itself on selling the cheapest fuel but RAC analysis shows it is now the dearest

Asda is now the UK’s most expensive supermarket fuel seller, research shows, after the retailer’s private owners ditched its long-held pledge to be the cheapest on the market.

The retailer, which was bought by the billionaire Issa brothers and their private equity partner TDR Capital in 2021, charged an average 2.1p a litre more for unleaded petrol than rivals Tesco, Sainsbury’s and Morrisons at the end of May, according to an analysis by the RAC motoring organisation.

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UK fuel duty cut is regressive policy that benefits the wealthy, study finds

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Chancellor’s 5p freeze will save £60 a year for well-off motorists compared with just £22 for lower earners

Retaining the fuel duty cut in the budget is a regressive policy that benefits the wealthiest in society, who will save £60 a year, while those who earn the least will save just £22, according to analysis.

Jeremy Hunt on Wednesday announced an extension of the 5p cut in fuel duty brought in during 2022, for which he has won plaudits across the rightwing press.

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UK petrol and diesel prices jump following Houthi attacks

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Petrol is up 3.2p a litre and diesel 4p a litre as fuel tankers are forced to avoid the Suez canal

The cost of filling up a family car in the UK increased by about £2 this month as the jump in the oil price caused by the Red Sea attacks is felt at the pumps.

In the three weeks to 18 February petrol increased by 3.2p to 143.4p a litre, while diesel rose by 4p to 152p, according to the RAC, which said this was “worrying” for motorists.

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