Australian drivers now pay A $240 a month for oil, up 15% from a month ago. (photo of Daily Mail)
Australian drivers now pay A $240 a month for oil, up 15 percent from a month ago, the Daily Mail reported.
Oil prices hit a six-month high after President Trump (Donald Trump) announced restrictions on Iranian oil exports.
Unleaded gasoline prices in Australian capital cities now average A $1.55 a litre. Prices in Sydney, Brisbane and Perth reached their highest levels since early November.
In February, Australia's gasoline price was just A $1.2 a litre.
James (Craig James), chief economic division at Federal Securities (CommSec), said drivers now pay about A $240 a month to fill up a 60-liter medium-sized car in Australia. In mid-March, drivers had to pay A $209, down 15%.
Drivers are now paying their highest monthly cost of petrol since November, when drivers spent an average of A $256 to fill their vehicles.
However, official inflation figures show that Australian oil prices fell 8.7 percent in the first quarter of this year.
International oil prices are at their highest level in nearly six months due to reduced production by (OPEC), a group of oil exporting countries, and gasoline prices remain at their highest level in 24 weeks, although Australia's overall oil price is currently low.
After a long Easter weekend, Trump announced further restrictions on Iranian oil exports. In addition, Singapore light crude oil (TAPIS) rose 2.3 percent to A $118.83 a barrel, the highest level since late October, which will also have an impact on Australian oil prices.