NRMA believes Australians could face higher costs at the bowser as soon as this upcoming weekend or early into next week following the conflict in the Middle East.
Before the closure of the Strait of Hormuz and threats from Iran that any ship trying to pass would be fired upon, NRMA’s Peter Khoury stated if the Strait became compromised, crude oil prices – and subsequently Australia’s refined fuel prices – would markedly increase.
Mr Khoury says if Iran shut the Strait, and chose to do so, that would be a significant supply chain shock to oil and would likely see prices skyrocket if that occurs.
The NRMA says any increase in global crude oil prices is generally delayed by about seven to 10 days before it reflects in Australian fuel prices, via the Malaysian Tapis spot price for crude oil meaning Australians could face higher costs at the bowser as soon as this upcoming weekend or early into next week.
