Petrol prices surge as Middle East conflict hits Australian consumers

Petrol prices in Australia are rising due to disruptions in the Middle East, with 20% of global oil and gas supplies travelling through the Strait of Hormuz under pressure. The Australian Competition and Consumer Commission is investigating opportunistic pricing by retailers, as prices have increased within four days instead of the typical 14-day lag. Grocery prices are expected to follow, particularly for refrigerated items like berries, leafy greens and seafood, with 5-10% of shelf prices attributed to transportation costs.See omnystudio.com/listener for privacy information.