New oil price spike

Australia to halve excise duties on petrol and diesel for three months

7602 views 2 comment(s)
An empty pump at a petrol station in Sydney, Photo: Reuters
An empty pump at a petrol station in Sydney, Photo: Reuters
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

The price of Brent crude oil has exceeded $116 per barrel, while stock markets in Asia fell as investors expect a prolonged conflict in the Middle East that could bring a surge in inflation and the risk of recession to much of the world, writes "The Guardian".

Brent crude was priced at just over $70 a barrel when the war began last month, and prices have risen by more than 50 percent since then.

The closure of the vital Strait of Hormuz has led to a spike in the prices of oil, gas, fertilizers, plastics and aluminum.

Australian Prime Minister Anthony Albanese said the government would halve excise duties on petrol and diesel for a period of three months to reduce costs for households, Reuters reports.

See more: