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Why Australia is seeing fuel prices increase, despite demand dropping

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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.

Author

  • Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Business

Why the Nintendo Switch console has let the gaming giant down

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Nintendo says it will buy back shares after its quarterly profit missed estimates

The company reported an operating income of 119.75 billion yen compared to their projection of 130 billion yen.

Nintendo says it plans to buy back up to 1.51% of its shares for 100 billion yen.

It saw a mixed picture with Switch hardware sales, which fell by 22% overall.

Investors are watching gaming firms closely for signals that the COVID-19 pandemic sales boom may be running out of steam. Nintendo is highly dependent on the cyclical console business, with sales of its devices traditionally peaking around the fifth year.

The devastating results from the Switch Lite

Nintendo saw sales of Switch Lite units more than halve to 1.14 million during the April-June quarter but maintained its full-year forecast for Switch hardware at 25.5 million units. It sold 4.45 million Switch consoles, including the Lite, during the quarter.

The creator of Super Mario and Animal Crossing said first-quarter operating profit fell 17% to 119.8 billion yen ($1.1 billion), falling short of a Refinitiv consensus estimate of 129.3 billion yen.

The games maker reported record earnings during the pandemic-fueled gaming boom.

Author

  • Jack is a journalist and producer at Ticker NEWS. He's previously worked for digital media publications in Australia and the US. Jack is particularly interested in reporting on international affairs and sport.

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Why Disney’s Star Wars hotel is only for the wealthy

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Disney has revealed pricing for its new, highly anticipated Star Wars hotel

Let’s just say it is not cheap.

The Disney-based hotel Galactic Starcruiser is a cruise ship set in space, but its price tag is only made for those with a thick wallet.

The hotel, which opens in Spring 2022, is billed by Disney as a “revolutionary new two-night experience.

The price?

$6,000 for two nights.

The ticket includes two nights at the hotel, food and drink (except for “alcoholic and specialty beverages”), admission to Disney’s Hollywood Studios park for a day to visit the Galaxy’s Edge park, and parking.

You’re mostly paying for the immersive Star Wars experience, which Disney says will offer an in-universe style adventure, complete with roleplaying staff who’ll ask you for help on quests or factions that you’ll be able to join during your trip. Guests will even be allowed (and even encouraged) to dress the part in Star Wars outfits.

So, enjoy your stay.

Authors

  • Jack is a journalist and producer at Ticker NEWS. He's previously worked for digital media publications in Australia and the US. Jack is particularly interested in reporting on international affairs and sport.

  • Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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T-Mobile confirms shutdown of Sprint’s LTE network

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America’s T-Mobile has revealed its takeover of Sprint Mobile, and confirmed the shutdown of the Sprint LTE network

T Mobile has committed to a June 30, 20-22 shutdown date of Sprint’s LTE network.

It’s an expected move as T-Mobile continues to absorb Sprint’s network and customers into its own base.

T-Mobile says that “most” Sprint LTE and 5G devices can work with its LTE or 5G network. It adds that those devices “will continue to operate on T-Mobile’s LTE and 5G networks,” so long as those Sprint users upgrade from Sprint-issued SIM cards to ones from T-Mobile. You will also need to make sure that Voice over LTE (also known as VoLTE) is enabled for voice calls. 

The carrier adds that it will be contacting those who might be impacted by the switch, stating that it already “began sending notifications late last year.”  

A third of Sprint customers have already been moved onto the T-Mobile network.

Author

  • Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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