Australian drivers hit with $10.5bn fuel bill from US-Iran war

Summarised from 2 outlets · Updated 27 Oct, 01:02 · Archive

Australian drivers have paid an extra $10.5 billion on petrol and diesel since late February due to rising prices linked to the US-Iran conflict.

Australians have paid an extra $10.5 billion on petrol and diesel since late February, according to research by the Centre for Research on Energy and Clean Air. Drivers have borne an additional cost of $550 per person—six times the global average of $85 per person—as fuel prices surged due to the US-Iran conflict.

Australia's high fuel consumption per person and dependence on private cars have left households particularly exposed to international oil price shocks despite the country's distance from the conflict. CREA co-founder Lauri Myllyvirta said: 'Australians are paying an exceptionally high price for this war because they use so much oil.' He noted that other countries had been able to reduce their oil needs to be better protected from price surges, adding: 'The best protection against volatile fuel prices isn't producing more oil, it's needing less of it.'

Leila Aly, chief executive of the Secure Energy Project, said: 'For people who depend on their cars to get to work, school or the shops, rising petrol prices are another hit to household budgets.' As of Monday, Brent Crude settled at $US115 a barrel, with Sydney unleaded petrol averaging 236 cents per litre and diesel 280.4 cents per litre.

Australian drivers hit with $10.5bn fuel bill from US-Iran war — Image: The West Australian

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How it is being reported

‘Exceptionally high price’: Australian drivers face $10.5bn fuel hit from US-Iran warAustralians are paying six times more than most of its global peers for fuel in a further crippling cost-of-living blow.The West Australian · 27 Oct, 00:26
‘Exceptionally high price’: Australian drivers face $10.5bn fuel hit from US-Iran warAustralians are paying six times more than most of its global peers for fuel in a further crippling cost-of-living blow.Perth Now · 27 Oct, 00:26

In this story: Australia · United States · Iran · Centre for Research on Energy and Clean Air · Lauri Myllyvirta · Leila Aly · Secure Energy Project

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