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National petrol prices have fallen back to around $2 a litre after peaking at around $215 last month:
However, the price of both Brent crude and West Texas Intermediate oil continued to rise on Monday, amid concerns that Israel will launch a ground assault on Gaza.
There are fears that the escalating Israel-Palestine war could push global oil prices to $US 120 a barrel by knocking out Iranian supply, which accounts for around 20 million barrels of oil output a day.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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