The average price for 95 octane unleaded petrol in the US has increased by more than 40 percent since February. The spike comes as the US-Israeli war on Iran has disrupted oil exports through the Strait of Hormuz. Before the conflict, gasoline prices averaged about 87 US cents per litre.

By the end of April, diesel prices in the US stood at 196.11 cents per litre. In Australia, the average price for a litre of unleaded petrol is 185.4 cents, reflecting a reduction due to the federal government’s halving of the fuel excise. Diesel prices there have decreased from a peak of 328.4 cents to 260 cents.

The inflation rate in Australia rose to 4.6 percent in March, partly due to automotive fuel prices. Experts suggest that tight supply is affecting even major exporters like Australia.

Expert opinions:

• Ben Fahimnia noted that many cities have recently experienced a downward phase, allowing pump prices to fall despite rising upstream costs.
• Peter Robertson explained that the US was less reliant on oil imports, which prevented significant price spikes compared to Australia.
• Lurion De Mello warned that tight supply is putting pressure on fuel prices globally.

The situation remains fluid as officials monitor developments. Prices are likely to increase in June when the fuel excise cut expires and the closure of the Strait of Hormuz continues.

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