Australian petrol prices surge toward $2 a litre as excise discount ends

Australian unleaded petrol hit $1.80 per litre in late July, up from roughly $1.50 at the month's start, per fuel tracker Motormouth. Brent crude surged 37% in July amid Houthi Red Sea blockade of Saudi oil and Ukrainian strikes on Russian energy infrastructure. With the fuel excise discount ending after August 2, prices above $2 a litre loom. ANU's Warwick McKibbin expects elevated crude prices for at least a year.