Financetheguardian.comDiesel prices across Australia could surge beyond $3 a litre as Trump eyes cut to US fuel exports
Australian diesel prices are nearing $3 a litre and could surge past $4 if the US bans fuel exports, with analysts warning of rationing and higher inflation.
Fuel costs have risen to levels not seen since early April, adding to risk of inflation and interest rate hike
Australian diesel prices have climbed to levels not seen since early April, with Canberra recording 298.7 cents per litre, and analysts warning prices could exceed $4 a litre.
Prices have risen nearly 40 cents a litre since the start of the month, driven by Middle East conflict restricting oil supply and Brent crude holding above US$100 a barrel.
If the Trump administration bans US diesel exports, one analyst told the ABC that Australia could face rationing within weeks, adding to inflation risks and pressure on interest rates.
Prices have already risen nearly 40 cents a litre this month, adding $22 to a 55-litre fill, so it is worth filling up sooner rather than later if you rely on diesel.
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