Gas prices are now the most expensive they have lived for six months – with drivers paying $ 240 a month on fuel
- Australian motorists now pay $ 240 a month to fill their family car
- Prices for unleaded petrol have risen to the highest level since the beginning of November
- This followed new US sanctions against countries that bought Iranian oil exports
- Meanwhile, inflation fell to zero in the March quarter with an interest rate cut
Australian motorists now spend $ 240 a month on gasoline or 15 percent more than a month ago.
Unregistered in capitals sells a price of $ 1.55 per liter, while motorists in Sydney, Brisbane and Perth have been paying the highest prices since the beginning of November.
Petrol prices have reached the highest level in nearly six months after US President Donald Trump imposed new restrictions on Iranian oil exports.
In February, motorists paid just $ 1.20 per liter of gas.
Australian motorists now spend $ 240 a month on gasoline or 15 percent more than a month ago (stock image)
CommSec chief economist Craig James said Australian motorists are now spending around $ 240 a month to fill a medium-sized car with a 60-liter fuel tank, a significant 15 percent increase from $ 209 in mid-March.
& # 39; People certainly pay more at the gas pump & # 39 ;, he told Daily Mail Australia on Wednesday. & # 39; We had a rebound in April. & # 39;
Monthly fuel bills are now at the highest level since early November, when motorists paid $ 256 to fill their tank.
According to the official inflation figures for the March quarter, gasoline prices fell by 8.7 percent.
The quarterly consumer price index, also known as total inflation, was zero with an annual inflation rate of 1.3 percent, well below the target of the Reserve Bank of Australia of two to three percent.
AMST Capital chief economist Shane Oliver said that if no election campaign was going on, the reserve bank would lower interest rates in May, raising the cash rate to a new low of 1.25 percent.
Unleaded copies in capitals sell a price of $ 1.55 per liter, while motorists in Sydney, Brisbane and Perth have been paying the highest prices since early November
& # 39; They may go in May, but they may decide: & # 39; Well, it's in the middle of an election campaign, you don't have to hurry, let's wait and see what happens after the election & # 39;, & # 39; Oliver told Daily Mail Australia.
& # 39; If it is not May, they will definitely go in June. It's just a matter of when, as opposed to if, now. & # 39;
Dr. Oliver said that falling house prices in Sydney and Melbourne had discouraged homeowners from spending.
& # 39; The underlying question is pretty subdued & # 39 ;, he said.
Petrol prices have reached the highest level in nearly six months after US President Donald Trump imposed new restrictions on Iranian oil exports (pictured: Brisbane petrol bowser)
While general prices in Australia are low, gasoline prices remain high for 24 weeks with global crude oil prices at the highest level in almost six months, following a reduction in crude oil production by the Organization of Oil Exporting Countries.
After the long weekend of Easter, President Trump announced further restrictions on Iranian oil exports.
His Republican government has also announced that from May 2, China and India will face American sanctions if they buy oil from Iran.
Subsequently, the Tapis crude oil price in Singapore rose 2.3 percent to US $ 83.60, or $ A118.83 per barrel – the highest level since late October, with flow-on effects for Australian motorists.