Australia is shielded from the worst impacts “The importation of fuel is getting more expensive and that will have an effect on consumer spending and household budgets.”Ģ. “In Sydney with freedom day we have seen prices recorded in the beachside suburbs of around $1.81 a litre,” Mr Felsman told TND.
Ryan Felsman, a senior economist at Commonwealth Bank, said petrol prices will continue to trend upwards thanks to growing demand as the world reopens from COVID-19 and supply cuts by OPEC and Russia.
It means rising global oil prices are felt by Australians at the bowser, and we’re already seeing it happen, with the Singapore gasoline price lifting $8.27 a barrel (6.8 per cent) to a three year high of $129.87 last week.Īustralia’s national bowser price rose 1.7 per cent to 153.8 cents a litre. Australians will feel the crisis at the bowserĪ few quick facts about the Australian economy: Australia exports more gas and coal than it consumes, but imports almost all of the oil it needs. Here are five things you need to know about the global energy crisis.
Australian households are being shielded from the worst impacts, but this week average petrol prices in Sydney rose above 166 cents per litre as rising oil prices combined with an upswing in local fuel market cycles.
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