Australian Fuel Prices Jump Most Since March as Iran Truce Wilts

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Or sign-in if you have an account.jx(]alrd{uy{i(gooy190ogk_media_dl_2.png Australian Petroleum Institute(Bloomberg) — Australian gasoline prices jumped last week by the most since the height of the US-Iran war following the collapse of a ceasefire between Washington and Tehran, suggesting persistent inflationary pressures ahead.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountDrivers shelled out an average of A$1.82 ($1.27) per liter of petrol in the seven days to July 26, with the weekly increase the biggest since the seven days to March 29, according to data Monday from the Australian Institute of Petroleum. Meantime, the price of diesel jumped to almost A$2.20 a liter.Australia’s center-left government has sought to shield motorists, farmers and miners from the impact of the Middle East energy shock by temporarily slashing fuel taxes. Following an interim agreement for peace talks between Iran and the US, and the resumption of oil shipments through the Strait of Hormuz, the government began winding back the tax break.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againHowever, with the resumption of fighting in Iran and ships traversing Hormuz declining to a trickle, prices are picking up again. One-fifth of the world’s oil and liquefied natural gas supplies flowed through the waterway prior to the conflict.The Reserve Bank of Australia, in its latest quarterly update of economic forecasts released in May, highlighted the risks from increasing fuel costs.“Higher fuel prices, along with the resulting increase in inflation, can influence short-term inflation expectations,” it said in its Statement on Monetary Policy. “Research in Australia and elsewhere finds that changes in fuel prices can affect households’ inflation expectations by more than might be expected given its share in overall consumption.” It added that “this is likely to be because fuel is frequently purchased, and its price is highly visible and widely covered in the press.”The RBA next meets in about two weeks and will release updated forecasts together with its policy decision on Aug. 11.In the meantime, the Labor government has been encouraging fuel companies to boost stockpiles during the energy crisis. The amount of fuel in storage through mid-July is well above levels at the beginning of the war, which started with US and Israeli strikes on Iran at the end of February.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.