Fuel prices have risen sharply amid uncertainty over Iran's blockade of the Strait of Hormuz and Treasurer Jim Chalmers today flagged the flow-on impact could see inflation peak "somewhere between the mid-to-high fours" depending on the duration of the conflict. The government released about six days' worth of petrol and five days of diesel from its emergency stockpile as part of an internationally coordinated response to the shortage, the first time it had used the reserves since Russia's invasion of Ukraine. In an analysis prepared for the government, and seen by the ABC, the Treasury predicted headline inflation will be 0.5 percentage points higher in the June quarter of 2026 if the crude oil price averages $US100 a barrel for three months.
Author: Maani Truu
Published at: 2026-03-14 23:45:10
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