Aussie petrol prices at a four-year high



Fear of war in the Middle East, a political crisis in Venezuela and an agreement for an agreement for crude oil means that Australians pay more at the bowser.

Unleaded petrol has reached its highest price in almost four years in the capital of Australia, according to the Australian Competition and Consumer Commission.

The price of lead-free is almost 12 percent higher last year than this time, with an average of $ 1.45 per liter in Sydney, Melbourne, Brisbane, Adelaide and Perth.

A jump in international crude oil and refined petrol prices are blamed for the price increase, the ACCC said in a report released on Tuesday.

The watchdog also pointed to the Organization of Oil-exporting Countries, or to the OPEC cartel, for the drying up of prices.

The wrinkle of the cartel agreement for 2016 to reduce the production of crude oil is now being felt all over the world, partly because of concerns about the risks of international oil supply.

Concerns about the offer stem from renewed American sanctions against Iran, the fear of spreading conflicts in the Middle East and a political crisis in Venezuela, according to the ACCC.

A weaker Australian dollar also contributed to the price increase.

"The lower AUD-USD exchange rate in June 2018 reinforced the impact of the rise in international refined petrol prices on Australian retail petrol prices," the report said.


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