Russia’s invasion of Ukraine is partly to blame for inflated diesel prices, which have soared beyond the cost of regular petrol. The price of diesel remained significantly higher than petrol in the December quarter of 2022, with supplies reduced from Russia and France because of refinery strikes. The consumer watchdog found that diesel prices were…
Prime Minister Puts Fuel Retailers on Notice
Prime Minister Anthony Albanese has put fuel retailers on notice after data suggested that fuel prices were raised prior to end of the fuel excise cut that was introduced early in the year by the former Coalition government. Speaking to FiveAA Radio on Sept. 29, the prime minister said he was very concerned about Australians…
New Zealand Cuts Fuel Tax and Halves Public Transport Fares Amid Petrol Hikes
March 14, 2022
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Asia & PacificAustraliacrude oilfuel price riseinflationInternationalJacinda ArdernNew Zealandpetrol priceRussia's invasionWorld
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The New Zealand government has decided to cut fuel excise tax and halve all public transport fares for three months as fuel oil prices surge following Russia’s invasion of Ukraine. A reduction of NZ 25 cents (17 cents) a litre in fuel excise duties and road user charges came into effect from midnight Monday, while…
Australian Fuel Prices Skyrocket to 8-year High in February and Showing No Sign of Slowing
March 13, 2022
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ACCCAustraliaAustralian petrol pricesBusiness & EconomyEuropefuel price riseRussia-Ukraine Warsanction Russian oil importWorld
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The Russian invasion of Ukraine, on top of the refusal of OPEC nations to increase crude oil production, pushed February prices for Australian petrol prices in the five largest capital cities to an eight-year high. The Australian Competition & Consumer Commission’s (ACCC) latest quarterly petrol report found that the daily average petrol prices in Sydney,…
Australian Government Will Not Share the Burden of Fuel Costs With Motorists
Australian motorists are not likely to receive any help with the sky-high petrol prices as the federal government will not halt fuel excise tax in next month’s federal budget. Prime Minister Scott Morrison said the fuel price was a global issue as crude oil just surged to over US$100 a barrel due to the Ukraine-Russia…
US Heating Oil, Diesel Stocks Dwindle as Demand Rises
Supplies of diesel and heating oil in the United States have dwindled as refiners are having trouble replenishing the domestic fuel supply this winter, which may keep oil prices elevated for months. Heating oil futures reached $2.83 per gallon at the market’s close on Feb. 4, the highest price in seven years. U.S. and global benchmarks…
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