Petrol and diesel prices could hit record highs as Australia’s fuel stocks remain short of 90-day target
The price of record-high petrol and diesel could soon hit Australian motorists, with conflict in the Middle East threatening supply and the federal government admitting current fuel stocks are still below international benchmark levels.
While the NRMA yesterday told News.com.au that fuel prices could lift by around 10 per cent in seven to 10 days, Compare the Market is forecasting a much higher price spike and says benchmark oil prices have already increased by around 20 per cent since January, when the ABC reported that Australia’s petrol stocks had fallen to 22 days.
If a 30 per cent hike in fuel prices from where they are currently being used could push the price of unleaded 91 past $2, said. In some areas, Compare the Market spokesman Chris Ford said ‘In some ways 50 per cent of these regions are where we have s.
That extreme event may be approaching, with the war in the Middle East causing global uncertainty as events unfold.
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“In that scenario, it would cost $125 to fill up a 50-litre tank,” Mr Ford said.
The latest figures from the Australian Institute of Petroleum (AIP) showed a national average service station price of 172.9c/L for 91-octane unleaded petrol in the week ending February 22, 2026.
The fuel tank in Australia’s most popular petrol model – the Toyota RAV4 hybrid – is 55 litres, which would cost $95.10 to fill at the most recent national average.
The AIP’s high of 193 was a low for . 5c/L in the Northern Territory (NT) carries that number to $106. A 43-year-old and a low average of 169-69-9. Tasmania would be less expensive to buy 6c/L, or $93. Paraphrasing 28.
The most popular dual-cab versions of Australia’s best-selling vehicle for the past three years, the predominantly diesel-powered Ford Ranger, has an 80-litre tank.
AIP average diesel 180 per cent, using . This week ending February 22, 2026, would cost $144/L for 3c/ L. 24 to fill Ranger’s tank with paraphrase R. But Mr Ford said those prices could soon be soar at those rates, a phrase that was quoted as saying.
Yesterday he said ‘If the oil price continues to rise as predicted we could see new record breaking prices at Australian bowsers.
Earlier, “Benchmark oil prices have already reached their peak since June last year– up to about 20 per cent since the start of January”. But some analysts believe that price can rise to $US100 ($A142) a barrel.
The price of Brent crude rose 13 per cent in early trading to $US82 ($A116) a barrel, the highest level in 14 months (the highest rate in 12 months) when it was being sold for air strikes in the Middle East.
If the price of unleaded 91 would go well above $2/L in many capitals, compare the Market analysis shows that 10 per cent rise according to current city-wide averages.
But the last time we saw such high prices was in April 2024, when unleaded 91 national average exceeded $2 for an entire year. The averages were more than $2 per cent of 18/L and city-wide, compared to $2 for the . Some capitals have 30/L in some capital. At the time, the national wholesale average price was $1. 87/L (). , ” and.
The latest criticism of national fuel security has come as supply concerns escalate prices, especially after earlier modelling of a blockaded Strait of Hormuz – one of the most important shipping corridors in the Persian Gulf.
The Strait was officially closed yesterday (March 2) by a senior official in the Islamic Revolutionary Guard Corps (IRGC) who then threatened any ship that crossed through it.
About 20 per cent of the world’s oil traded flows through the Strait to countries such as China and Japan, and if any disruption would put pressure on fuel supplies and prices worldwide.
On February 28, Iran – which was bombed by the US – generates approximately 4-4 s. He participates in OPEC (Organization of the Petroleum Exporting Countries) and contributes 5 per cent to global daily oil supply.
Last night, Minister for Climate Change and Energy Chris Bowen said Australia’s current fuel supplies were 36 days for petrol, 34 days to diesel and 32 days in jet fuel at a time when it was introduced into federal parliament yesterday.
Mr Bowen said these levels are the highest in 15 years, but they fared short of the International Energy Agency’s (IEA) requirement for member countries to hold oil stocks equivalent to at least 90 days of net imports.
Asked by One Nation MP Barnaby Joyce on whether the stocks quoted were physically on Australian soil, Mr Bowen said ‘The fuel was already in the country ‘or on ships in our exclusive economic zone’ – an area of up to 370km offshore.
While it is not all land in Australia, “it includes fuel that is on the way to Australia and which is in our economic zone.” He said Mr Bowen added ‘It does not include ships some distance away from us, whether in the Middle East, Singapore or the Gulf of Mexico.
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