In short:
Petrol prices across Wyndham and greater Melbourne are rising as war in the Middle East pushes oil above $100 USD a barrel. With Australia importing most of its fuel and holding limited reserves, experts warn prices could continue climbing if the conflict drags on.
Price Hikes Expected to Continue
Petrol prices are beginning to surge across Wyndham and greater Melbourne as global oil markets react to the escalating war in the Middle East.
The conflict intensified after US and Israeli strikes on Iranian targets triggered a wider regional escalation, prompting Iran to block the Strait of Hormuz.
The narrow shipping route carries about 20 per cent of the world’s oil supply, and its closure has rattled global energy markets.
Crude oil prices have surged more than 15 per cent and are now sitting around $100 US a barrel for the first time in more than three and a half years.
Analysts say the shock is already flowing through to petrol prices across Australia.
Across Melbourne’s west, motorists are currently paying roughly between $1.95 and $2.20 per litre depending on the service station and fuel cycle.
Economists warn those prices are expected to continue climbing as higher global oil costs filter through the supply chain.
Australia remains particularly exposed to international fuel disruptions.
The country imports around 90 per cent of its liquid fuel including petrol, diesel and aviation fuel, meaning global shocks quickly translate into higher local prices.
Australia’s fuel reserves are also relatively low. National stockpiles sit at around 36 days of supply, well below the 90-day reserve benchmark recommended internationally, leaving the country vulnerable during major global supply disruptions.
The surge in oil prices has already triggered panic buying in parts of Australia, with motorists rushing to fill their tanks amid fears of shortages and further price hikes.
Fuel retailers are now urging drivers not to hoard petrol, warning panic buying can worsen shortages and accelerate price spikes.
Some operators have begun managing deliveries and adjusting supply allocations to prevent stations from running dry during the volatile period.
Economists say the biggest factor now is how long the conflict lasts.
The longer the war continues and the Strait of Hormuz remains disrupted, the more uncertainty it creates in global oil markets.
For households across Wyndham and greater Melbourne, that uncertainty is likely to mean higher petrol prices and growing pressure on already stretched family budgets.
