Vladimir Putin’s war in Ukraine pushed average fuel prices in Australia’s five largest cities to levels not seen since early 2014, according to the competition regulator.
Daily average retail petrol prices in Sydney, Melbourne, Brisbane, Adelaide and Perth hit 182.4¢ a litre in late February, the Australian Competition and Consumer Commission said.
The highest petrol has been in Australia was in 2008, when average prices reached a price equivalent to 212.9¢ per litre in today’s dollars.
Amid pressure on the Morrison government to cut fuel taxes, the ACCC said Russia’s invasion of Ukraine and the OPEC cartel’s refusal to boost crude oil production pushed the cost of petrol to an eight-year-high last month.
Recovering oil demand amid a relaxing of COVID-19 restrictions around the world also contributed to the hike in February prices for both international refined petrol and average retail petrol in Sydney, Melbourne, Brisbane, Adelaide and Perth.
Prices have risen further in the first two weeks of March.
“The world was already experiencing high crude oil prices late last year due to the continuing actions of the OPEC and Russia cartel, and the enduring northern hemisphere energy crisis,” ACCC chairman Rod Sims said.
“The shocking events in Ukraine have forced crude oil prices even higher, as Russia is a major supplier of oil.”
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