Australia Suffers 8-Year Petrol Price High

Australia Suffers 8-Year Petrol Price High

By sweN TR

Petrol in Australia’s five largest cities has soared to daily average retail prices of $1.32/liter – according to the country’s consumer watchdog ACCC.

Since Australia depends largely on prices of crude oil and international refined petrol, the current Ukraine-Russia tensions have exacerbated what were already high prices last year.

Economic policy commentator John Quiggin estimated that every $10 per barrel rise in crude prices translates into a 10-cent spike in petrol prices in Australia.

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