Overview

• Global oil prices climbed more than 25% in June to around US$79 a barrel despite a ceasefire moderating earlier spikes
• Treasurer Jim Chalmers wrote to ACCC chair Gina Cass-Gottlieb demanding action against opportunistic petrol price increases
• ACCC investigators are authorised to probe misleading pricing and anti-competitive conduct in Australia’s fuel retail market
• NRMA and RACQ reports highlight motorists now paying about eight cents more per litre on average, with some Brisbane stations hiking prices by nearly 60 cents without wholesale justification
• Economists warn that any closure of the Strait of Hormuz could push oil prices past US$100 a barrel and add another 25 cents per litre to retail petrol costs