Aussie Pump Prices Drop as Iran Opens Strait of Hormuz

0:00It's April 18th. From your city to your ears, this is Cindy News today, powered by AI. I'm Corey, with the story. Ozzie's are in for some relief at the pump, as global oil prices tumble after Iran declared the Shred of Hormuz fully open to commercial ships. Prime Minister Anthony Albiniz stressed the need for permanent access during talks with 49 nations, calling freedom of navigation key to. World trade. Australia stands ready to help and plans another conference in London soon. This is here won't shift overnight, since our benchmarks track Singapore markets, which restart trading Monday. Still, the national average for unleaded petrol has already dropped 50 cents since April 1st, and diesel fell 37 cents just last week. Energy Minister Chris Bowen says, we've got 46 days of petrol reserves, up 10 days from before the recent tensions. Folks like NRMA's Peter Corey are optimistic, noting wholesale and retail costs have been sliding steadily. He figures it could take a week for global drops to hit terminal prices, with independent

1:04retailers passing savings quickest. The feds have the fuel excise from April 1st for three months, helping ease the sting. A fire at the Viva refinery in Jolong, raised alarms, but it's out now, with diesel and jet fuel at 80% capacity and petrol at 60. Corey says it won't budge prices, tied as they are to global trends. Portages are minimal nationwide, just 1.5% of stations low on diesel. Bowen extended higher sulfur fuel allowances through September, and ministers just inked a supply deal with Singapore for diesel, petrol and LNG. If the straight stays open and piece holds, those bowser bills should keep trending down.