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.