Category Archives: Petrol prices

Track current petrol and diesel prices, service station outages and shipments – Australia’s fuel crisis in charts

Posted on by

How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February

Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.

Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.

Continue reading...

Oil price jumps and markets slide after Trump warning to Iran

Posted on by

Brent crude rises 8% as US president vows to hit Iran ‘extremely hard’ over coming weeks

Oil prices have soared after Donald Trump vowed in a televised speech to hit Iran “extremely hard” over the coming weeks, knocking hopes of a near-term end to the conflict in the Middle East.

Brent crude prices jumped by as much as 8% on Thursday to $109.74 a barrel, reversing Wednesday’s drop when hopes of a de-escalation in the Iran war pushed the international benchmark below the $100-a-barrel mark at one point.

Continue reading...

Drivers told to look for cheapest fuel ahead of ‘busiest Easter on UK roads since 2022’

Posted on by

Bank holiday traffic predicted to peak on Thursday, as petrol and diesel prices surge from fallout of Iran war

UK drivers are being urged to look for the cheapest petrol and “to fill up as usual” as travellers prepare to make 21.7m journeys on what is expected to be the busiest Easter on the roads in four years.

The average price of a litre of unleaded petrol rose by 20p in March, from 132.83p on the 1st to 152.83p on the 31st, raising concerns about the cost of filling up for Easter journeys. The higher fuel prices have been triggered by rising oil prices as a result of the US-Israel war against Iran.

Continue reading...

Reeves criticises Trump for starting Iran war with no ‘clear plan’ to get out of it – as it happened

Posted on by

This blog is now closed

Starmer says he understands why people are concerned about the cost of living.

He says he has already set out a five-point plan to deal with the crisis.

Just look at what’s happening today. Today your energy bills will be cut because of the action that we took at the budget. And whatever happens in Iran, that price is now fixed until July.

The most effective way we can support the cost of living in Britain is to push for de-escalation in the Middle East, and a reopening of the strait of Hormuz, which is such a vital route for energy.

To that end, we’re exploring each and every diplomatic avenue that is available to us.

Continue reading...

Farmers plead for tax breaks, diesel guarantees and help buying fertiliser as national cabinet meets on fuel crisis

Posted on by

State and federal leaders due to discuss assistance for business sectors but petrol rationing not expected to find backing

Farmers say the federal government must help them with tax breaks and underwriting fertiliser purchases to survive the fuel crisis, with Monday’s national cabinet expected to discuss more assistance to businesses amid ballooning petrol prices.

Federal and state governments have remained tight-lipped about what would be on the meeting’s agenda but state premiers have urged the Albanese government to take a stronger national coordination role in the crisis.

Continue reading...

How EVs could be part of answer to UK’s fuel reserve worries

Posted on by

More use of two-way charging will earn money for owners and could avoid the need to expand North Sea oil drilling

The Iran war has sent petrol and diesel prices to their highest levels in years, sparked warnings of fuel rationing across Europe and triggered calls for Britain to drill more North Sea oil and gas. But analysis suggests the UK is looking for solutions in the wrong places – and that one of them is sitting on people’s driveways or parked in the street.

If more drivers switched electric vehicles, Britain would sharply reduce its petrol and diesel consumption, with every car charged from the grid rather than the pump extending the country’s fuel reserves – and experts say the potential impact goes far beyond that.

If more drivers switched to electric vehicles, Britain could sharply reduce its petrol and diesel consumption. Every car charged from the grid rather than the pump extends the country’s fuel reserves – and experts say the potential impact goes far beyond that.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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%.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...