The fragile pause to hostilities between the US and Iran has unravelled as US President Donald Trump threatened a \u201cmassive attack\u201d on Tehran, which he said had not \u201creceived enough pain\u201d.<\/p>\n
Intensifying conflict had caused petrol prices to jump in Australia by three cents overnight, with the average for unleaded $1.85, NRMA spokesman Peter Khoury said.<\/p>\n
Diesel had also jumped by up to five cents, with the average cost $2.26.<\/p>\n
\u201cWe\u2019re seeing prices start to head north, and wholesale prices have also gone up,\u201d he told AAP.<\/p>\n
\u201cThat\u2019s going up about 10 cents this week, so those increases are likely to flow on.\u201d<\/p>\n
Mr Khoury said the government had secured Australia\u2019s fuel supply, but that would not impact the high prices motorists were likely to face.<\/p>\n
\u201cUnfortunately, until the war ends in the Middle East and they have reopened the Strait of Hormuz, price is going to continue to be volatile,\u201d he said.<\/p>\n
With so much of Australian industry \u2013 including mining, agriculture and transport \u2013 run on diesel, the broader economic impact would be \u201cextensive\u201d, Mr Khoury said.<\/p>\n
Australia sources most of its imported fuel from regional Asian markets, which prompted Prime Minister Anthony Albanese to travel earlier this year to key partners such as Singapore to shore up the nation\u2019s supply.<\/p>\n
As shipping in the Strait of Hormuz remains disrupted, another choke point could emerge in the Red Sea after Iran-backed Houthi rebels claimed they struck two tankers in the key trading route.<\/p>\n
An escalation could pose a further threat to global energy supplies and price hikes.<\/p>\n
Experts have pointed to an alarming shortage of refined fuel such as petrol and diesel, which could sting the global economy.<\/p>\n
The government continued to review its policy settings to help manage hip pocket pain for motorists, Treasurer Jim Chalmers said.<\/p>\n
\u201cWe extended our cut to the fuel tax for another month to help take the sting out of petrol prices for Australian motorists and businesses,\u201d Dr Chalmers said.<\/p>\n
\u201cThis extra month of fuel tax discount is helping Australian motorists and businesses with the cost of living as this support tapers off.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The fragile pause to hostilities between the US and Iran has unravelled as US President Donald Trump threatened…\n","protected":false},"author":2,"featured_media":566923,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60,1087,7696],"class_list":["post-566922","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland","tag-money","tag-the-latest-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/566922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=566922"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/566922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/566923"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=566922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=566922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=566922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}