Aussie Petrol Prices Drop, Relief in Sight

0:00Petrol prices in Australia's major cities started dropping Wednesday as retailers jumped the gun on the federal government's 26 cents a liter. X-size cut. That's half of the usual 52.6 cents tax on fuel aimed at easing household bills. Some stations passed it on fully or partly before even restocking cheaper fuel. City average is varied, with Adelaide leading at a 25 cents drop to $2.34 a liter. Brisbane saw 15 cents off, Hobart 18 cents, while Perth did just 7 cents to $2.44. Diesel prices fell too, down over 11 cents in Sydney, and more than 15 cents in Melbourne. This move comes amid Middle East tensions from US and Israeli strikes on Iran, plus attacks on oil fields and a blockade choking one-fifth of global. Crude supply. That's jacked of fuel costs nationwide, hitting transport, farming, and mining hard, since diesel spikes sharper than petrol. Treasure or Jim Chalmers noted, it could take up to two weeks for savings to fully filter

1:03through the supply chain. Fuel insiders say some retailers are eating losses on old high-tech stock now, betting on recovery later. NRMA data shows citywide relief hitting today, though not every servo yet, they're waiting on fresh, cheaper loads. Energy Minister Chris Bowen welcomes the cuts, but urges drivers to fuel up smart, just what you need. So supply stays steady for all. Keep an eye on your local pump as these drop spread wider. That's your update from Sydney News today, powered by AI, I'm Corey with The Story.