National petrol prices pass $2.40 a litre, the highest since the first weeks of the Iran war, with little relief in sight
The Sydney Morning Herald and The Age reported on Monday, October 12, that the national petrol price had gone past $2.40 a litre, a level not seen since the opening weeks of the Iran war, and that relief is unlikely until the situation is resolved. We did not see the exact average, the measurement date or the survey source. WTI crude closed on Friday, October 9, at US$91.85 a barrel, up 0.39 per cent, according to the figures we use. Reuters and the FT reported that oil slipped or fell on Monday on the energy-ceasefire announcement, ABC headlined that the diesel deal is not expected to lower prices, that top oil executives were dropped from an event after the Riyadh airport attacks, and that the dollar stayed near an 18-month high.
Fuel is the price households see every week, and it feeds into freight, food and airfares. A sustained price above $2.40 adds to the inflation pressure the Reserve Bank is already watching and keeps cost of living at the top of the political agenda.
Prices differ widely by suburb and day, so a fuel-price app or a weekly price cycle can save a few cents a litre. If you are planning a long drive or flight, expect costs to stay high while the Gulf conflict continues.
High pump prices are mainly a global shock from the Middle East conflict, and governments can do little except cushion the poorest households.
Governments can act: fuel-excise relief, a stronger competition watchdog or more domestic fuel reserves would cushion drivers and cut exposure to overseas shocks.
Watch the lag. Friday’s WTI close of US$91.85 and Monday’s softer oil would, if they held, show up at the bowser in a week or two, but the Riyadh attacks and the Kremlin’s rejection of a wider ceasefire point the other way. We will not guess a pump-price level; we will report the weekly figures once a second source repeats them.
DailyDrop Australia edition No. 9 · Morning · TUE., OCT. 13, 2026