Australian fuel prices likely to rise as Opec+ countries cut oil production to ‘squeeze the market’

Australian petrol prices have been mostly stable since the end of the fuel excise cut, but the Opec+ oil cartel’s decision to cut production may see them jump. Photograph: Dan Himbrechts/AAP

Australian motorists could be hit by higher petrol prices as the world’s largest oil exporting nations cut production, analysts say.

The Australian government reinstated the full fuel excise tax in September after the Morrison Coalition government introduced a temporary, six-month cut to lower the cost of fuel at a time of rising inflation.