Money

Why Australia is seeing fuel prices increase, despite demand dropping

Published

3 years ago

July 9, 2021

Aussies are spending more at the bowser as fuel prices rise across the nation

Cuts in oil production by the OPEC cartel and other big producers combined with demand rising in other countries has meant Australia has copped the rise in fuel prices.

Despite the demand for petrol dropping in Australia, prices are right now at the highest level pre-COVID.

The average price of fuel rises to in every major city

Average prices for regular unleaded petrol reached 164.7 per litre during the past week in Sydney with prices at some of the major service stations as high as 175.9 cents per litre.

The average price of a litre of petrol this week is 165.7 cents in Perth, 159.6 cents in Melbourne, 146.9 cents in Darwin, 149.9 cents in Hobart, 136.4 cents in Adelaide and 150.6 cents in Canberra.

Crude oil prices are to blame

A report released by the ACCC has reported the higher petrol prices were due to rising international crude oil prices that were above the inflation-adjusted 40-year average of $61 USD per barrel for the first time since December 2019.

ACCC Chairman Rod Sims stated that crude oil supply from the Organisation of the Petroleum Exporting Countries was responsible for the higher petrol prices.

“The OPEC cartel controls a huge amount of global oil supply. Its agreements to restrict supply means higher crude oil prices which largely influence refined petrol prices,”

Despite not returning to pre-COVID levels the petrol demand recovered over towards the end of 2020 but dropped off again in the March quarter as restrictions remerged.

Leaders

U.S. Federal Reserve announce rate cut, show great confidence in economy

Published

9 hours ago

September 19, 2024

ticker NEWS

The Federal Reserve has delivered a big rate cut to boost the economy while inflation slows.

The central bank slashed interest rates by a half percentage point, hoping to protect the job market while inflation inches closer to its 2% goal.

Fed Chair Jerome Powell says the decision reflects growing confidence in balancing the economy’s growth with low inflation. #featured #trending

Money

Markets brace for potential 50-point fed rate cut

Published

2 days ago

September 17, 2024

ticker NEWS

Markets are anticipating a significant 50-point rate cut from the US Federal Reserve this week, leading to heightened focus on bond markets and key economic reports.

Financial markets are focused on a potential 50-point rate cut by the US Federal Reserve, as investors anticipate major shifts in economic policy.

The bond markets, already pricing in a borderline hard landing, reflect the expectation of a significant easing cycle over the next two years.

However, experts caution that the Fed could disappoint, as the current economic conditions differ from previous events such as the pandemic or credit crises. #featured #trending

Money

Bitcoin’s Q4 outlook: key factors and upcoming milestones

Published

3 days ago

September 16, 2024

ticker NEWS

Insights into market trends and critical events shaping Bitcoin’s performance

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, Caroline speaks with Matt Willemsen, Head of Research & Content at Collective Shift, about what could drive Bitcoin’s strong performance in Q4. They explore how the current market differs from past cycles, the ongoing Solana vs. Ethereum debate, and the role of project-specific conferences in market trends. Matt previews key Q4 events, including the Solana Breakpoint conference and upcoming altcoin milestones like Uniswap v4 and Polygon 2.0. #crypto corner