Australian Petrol Prices Near $2 as Excise Discount Expires

Australian unleaded petrol reached $1.80 per litre in late July, up from about $1.50 at month's start, per fuel tracker Motormouth. Brent crude rose 37% in July as Houthi forces blockaded Saudi oil in the Red Sea and Ukraine struck Russian energy sites. With the fuel excise tax discount ending August 2, prices above $2 loom. ANU's Warwick McKibbin expects high crude prices to persist for at least a year.