Aussie Fuel Prices Surge: No Iran Excuse

0:00From the streets of Sydney to the world, this is Sydney news today. Fuel prices in Australia's biggest cities are climbing fast, with some stations charging over $2.20 a liter for regular unleaded. Former head of the Consumer Watchdog, Rod Sims, says petrol companies can blame the new conflict in Iran yet, calling their excuses, misleading and urging investigations. It takes at least a week for global oil price jumps to hit Australian pumps, even though crude oil spiked 10% last week. Sims, who led the competition commission for over a decade, insists no real cost increases from the war have flowed through so far. Drivers are feeling the pinch, especially in Sydney and Melbourne, where prices hit cycle peaks right as tensions rose. The National Roads and Motorists Association found more than half the stations there jacked up prices 5 to 10 cents higher than expected, drawing. Crowds to cheaper spots and hurting wallets. Industry groups defend the hikes, noting retailers buy fuel differently,

1:00some on daily spot prices, others on weekly or monthly averages. Still, the government has warned against price gouging amid the uproar. Right now, Melbourne averages $2.9 a liter, while Sydney tops the country at $2.13 with some outlets nearing $2.28. Watchdog's promised close scrutiny as the situation unfolds. This episode is brought to you in partnership with our sponsor. Headphones in a pillow, simple idea, surprisingly addictive, S-O-L-I-SoliPillow.com