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The Guardian - AU

Business

Peter Hannam Economics correspondent

‘Not going to be pretty’: Australian petrol prices on track for new high

Australia United States Ukraine Frank Jotzo

Petrol and diesel pumps at a service station in Sydney — Petrol prices are likely to continue to rise after global oil prices rose to seven-year highs over worries about a Russian invasion of Ukraine. Photograph: James Gourley/AAP

Australian motorists may soon have to dig a little deeper to pay for their fuel after global prices rose to fresh seven-year highs amid mounting worries about a Russian invasion of Ukraine.

Oil prices rose more than 2% overnight, with benchmark indices near the symbolic US$100 a barrel mark. Brent crude, for instance, rose 2.2% to US$96.48 in US trading before easing back slightly in Asia on Tuesday.

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