New Strait of Hormuz development likely to impact petrol prices
The NRMA believes prices at the bowser will likely creep up incrementally as a result of US President Donald Trump’s floated toll on ships.
US President Donald Trump’s proposed toll on ships tracking through one of the world’s major oil routes will likely lead to increased petrol prices in Australia if it comes off, according to the NRMA.
Speaking with media in Sydney, NRMA spokesperson Peter Khoury said Trump’s floated toll had already contributed to a small spike in oil prices.
The press conference came hours after Trump posted a threat to impose a 20 per cent fee on ships passing through the Strait of Hormuz, claiming he wanted to be “reimbursed” for protecting a “rich portion of the world” via a 20 per cent impost on all cargo shipped through the passage.
It came amid renewed strikes against Iran that have killed at least 25 people over three days.
“There’s no doubt that markets have reacted,” Khoury told reporters.
“There have been movements in both gasoil and tapas over the past few weeks – they are our regional benchmark prices for diesel and petrol respectively. Gasoil has gone up $7 a barrel and there’s been much smaller increases for tapas, it has gone up about $3 a barrel.”
Khoury stressed that terminal gate prices – which is the best barometer for what will happen to bowser prices in Australia – were holding “fairly stable” at the time of writing.
“What we need to be looking at is an end to all the chaos; that is the Strait reopening without a 20 per cent surcharge or whatever the fee system is,” Khoury said.
“We want to make sure we stability in the Middle East, and until the Strait reopens there’s going to be volatility.”
The Strait of Hormuz development comes as the Federal Government contemplates whether to extend the fuel excise cut for a second time beyond its current end date of August 2.
“I think the Treasurer has been pretty clear that we’ll continue to monitor the situation,” Emergency Management Minister Kristy McBain told ABC radio on Tuesday.
“We’ve extended that obviously until the end of this month, and we’ll monitor the situation and see what else needs to be done.”
After the fuel excise discount was halved in July, the average price of unleaded petrol rose by 3.2 cents a litre.
Extracted in full from: https://www.mynrma.com.au/open-road/news/2026/fuel-price-updates-war-in-iran
