Australian Petrol Prices Head Toward $2 a Litre

Australian petrol hit $1.80 a litre in late July, up from about $1.50 earlier that month. Global oil prices jumped 37% after Houthi fighters blocked Saudi oil shipments in the Red Sea and Ukraine attacked Russian oil facilities. A government tax break on fuel ends August 2, pushing prices toward $2. Expert Warwick McKibbin expects oil costs to stay high for at least a year.