Diesel fuel prices across regional and rural areas of Australia have hit a two-year high this month, after climbing sharply since August.

The most recent weekly report issued by the Australian Institute of Petroleum for the week ended Sunday, November 26 has retail diesel prices in non-metropolitan regional areas of the country averaging 134.3c/litre, up 7c/l on average over the previous report at the end of September (see graph above).

The figure is the highest seen since September 2015.

Prices in regional areas reached their recent low-point in early August averaging around 126c/l, before surging over the past three months.

Global fuel oil supply and demand has been impacted on a number of fronts, causing the recent rise.  The power struggle among the royal families in Saudi Arabia has added extra momentum to the rally that has driven oil prices from lows of $45.barrel in late June to aroudn $63/barrel recently.

Extracted from Beef Central.