Fuel Prices Surge in Sydney & Melbourne

0:00On this March 4th in Sydney, here's what is making headlines. More than half the petrol stations in Sydney and Melbourne have raised prices for regular, unlettered fuel by five to ten cents per liter. This comes, even though the recent conflict in Iran has only just started pushing up crude oil costs. Experts say it takes seven to ten days for those changes to hit pumps down under. New data from the National Roads and Motorists Association shows 50.3 percent of Melbourne stations charging at least $2.19 a liter, and Sydney half are above $2.17. The group calls this price gouging since wholesale costs haven't caught up yet. Motorists are lining up at stations nationwide, worried about shortages and bigger jumps ahead. Energy Minister Chris Bowen held a press conference urging calm, saying there's plenty of supply and no need to top of early. The government is cracking down too. Majorer Jim Chalmers asked the consumer watchdog to watch for opportunism.

1:01The Australian competition and consumer commission notes retail prices only shift when stations restock. Not every station is hiking early, with 12 percent in Sydney still under $1.89 a liter. Oil prices have climbed over 8 percent to about $78.00 per barrel, so expect rises soon, but officials say stick to the cheap. Spots, for now. Big thanks to today's sponsor, see the description for more. It is a pillow that plays your podcast and music without earbuds, built for listening in bed. Thanks. O L. I. S O L. I. S O L. I. S O L. I. S O L.