Australian Economy Australian interest rates

The calm before the petrol price storm

Tuesday, 17 October 2023

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.