Petrol Prices Surge in Australia: How Are You Affected?

Global oil market prices have surged, with the US-Israel war on Iran disrupting key shipping routes. The strait of Hormuz, where as much as a fifth of global fuel supply travels through, has been closed due to the conflict.

Asia is deeply affected by the disruption, relying heavily on imported energy that passes through the strait. Australia has also been affected, with authorities directing fuel companies to release nearly one-fifth of reserve petrol and diesel supplies, and relaxing standards to allow higher sulphur levels in fuel.

The treasurer, Jim Chalmers, has released forecasts indicating that inflation could peak at 5% this year and petrol price hikes could continue to slug motorists until 2029. Dozens of service stations have run out of petrol, especially in regional Australia, as distributors struggle to keep up with customers panic-buying.

To mitigate the effects, many Australians are finding ways to conserve fuel. Rideshare company DiDi has raised prices to cover soaring petrol costs, becoming one of the first major companies to charge Australian consumers more as a result of the conflict. Australians are also reducing their fuel use, cancelling holidays, and working from home more.

We want to hear from you. Share your story and how you have been affected by these adjustments. Have you consciously cut back on fuel use? Have you cancelled a holiday? Are you working from home more? Are you taking fewer journeys? How are you conserving fuel?