Aussie Petrol Prices Could Surge After Drone Attacks On Saudi Arabian Oil Plants
Drivers could feel the pinch at the bowser as the world's oil supply takes a hit.
Drone strikes on Saudi Arabian oilfields on Saturday could be felt for weeks with at least five percent of the world's oil supply affected, equating to about 5.7 million barrels a day.
Analysts believe the wholesale price of oil barrels could rise by up to 50 percent, and that price hike will be felt at the petrol pumps, with prices jumping more than nine cents a litre.
Angus Taylor, the federal energy minister, has downplayed potential pain for Australian motorists.
"It's clear that there's no immediate threat to our supplies," Taylor told ABC News on Monday.
"There are ample commercial stocks globally, and that's the key to making sure that this is as manageable as possible and that the impact is minimised."
Petrol prices across Australia reached a five-year high in August, at 141.2 cents per litre, according the Australian Competition and Consumer Commission.
The ACCC report found that prices were seven cents per litre higher than the average annual price the year before.
In NSW, the state government's FuelCheck reports the average price for unleaded petrol (ULP) in the state is $1.47 per litre, but can be has high as $1.82 per litre in some parts of Sydney.
The Royal Automobile Club of Queensland reports $1.53 per litre as a 'fair price' in Brisbane's south, but warns prices are still high and to wait if possible.
In Melbourne, the Royal Automobile Club of Victoria reports the average metro price is $1.33 per litre, and drivers should not be paying more than $1.29.
That price is what the average driver in Perth will pay, according to the WA government's site FuelWatch.
Adelaide drivers are paying an average of $1.32 per litre, with prices falling nearly 10 cents since Thursday.
PetrolSpy, FuelMap and MotorMouth all provide websites and apps for drivers to compare prices across the country, using data collected from government sites and user-provided information.
The ACCC also provides fuel prices but only update once each day at midday. It also provides trends and price predictions to help motorists plan when they should fill-up.
International agreements mandate Australia should have 90 days worth of fuel and crude oil reserves, but the country only has enough to last 28 days.
Fires from the attack have been burning since Saturday, but the Saudi Arabian Oil Company (Aramco) said they had been contained.
"Work is underway to restore production and a progress update will be provided in around 48 hours," it said in a statement.
The U.S. administration has blamed the attacks on Iran.
U.S. President Donald Trump has authorised the release of US oil reserves following the weekend attack on Saudi Arabia's oil facilities.
Trump said on Sunday he authorised the release of oil from the US Strategic Petroleum Reserve if needed in a quantity to be determined because of Saturday's attack.