Fuel Prices Surge in Australia

0:00This is Sydney News today. Every story, every city, every day. Field prices across Australia's biggest cities have surged to around $2.19 per liter for regular unleaded last week, up nearly. 49% since February 20th. Diesel averages more than $2.40 per liter. This spike stems from a massive global oil supply shock, tied to the Middle East conflict disrupting the strait of hormones. The Australian Competition and Consumer Commission held an emergency meeting with fuel companies demanding they explain the hikes. Prime Minister Anthony Albanese warned retailers that the watchdog will act against overcharging stations. Meanwhile, panic buying has doubled demand in spots, prompting pleas from leaders to calm down. Drivers like Victorian tow truck operator Trevor Oliver are feeling the pinch hard. He recently spent $400 to fill his truck with diesel at $2.62 per liter in Bacchus Marsh,

1:00double his cost, just. Weeks earlier, that extra expense is driving up towing fees for customers. Experts note price gouging is not illegal in fuel retail, improving collusion or misleading conduct is tough, especially with global factors at. Play. Oliver, a former station owner, once whistleblower on price fixing two decades ago, leading to over $23 million in fines against companies near Ballarat. Calls grow to extend bans on excessive pricing, now hitting supermarkets from July 1st, to fuel as well. Government pressure and watchdogs have nudged prices down before. Shoppers should use apps to find the best deals, though experts warn falling crude costs may take time to reach pumps. D&N is brought to you by our sponsor link in the description. A pillow that sounds as good as it feels. Bill for listening in bed, S-O-L-I-SoliPillow.com.