Australian petrol average rises to nearly A$2.41 a litre

Australia's average regular unleaded petrol price rose about three cents over the past week to nearly A$2.41 a litre, according to Australian Institute of Petroleum figures reported on Oct. 12.

Diesel moved in the opposite direction, easing about one cent to A$2.83 a litre. Despite that small decline, motorists continued to face high fuel costs as attacks and conflict threatened shipping routes supplying international oil markets.

Commonwealth Bank commodities analyst Vivek Dhar said additional Russian diesel exports to the United States could offer some relief to a market facing shortages. He cautioned that the effect would depend partly on continuing attacks on Russian oil infrastructure. That assessment is conditional, rather than a forecast of an immediate fall at Australian service stations.

In his Oct. 10 supply update, Energy Minister Chris Bowen said Australia held petrol equivalent to 43 days of consumption and diesel equivalent to 31 days. NRMA spokesman Peter Khoury said deliveries were continuing and supply remained healthy. High prices therefore did not, in those assessments, indicate an immediate domestic fuel shortage.