why is fuel so expensive in australia 2023 Page 3

Fuel was pricey in Australia through 2023 because the world decided to play economic Jenga with petrol in the middle. Global oil costs were kept lofty by OPEC+ production cuts and war-driven supply jitters, while our dollar did a sad little swan dive against the USD—the currency oil is priced in. After the temporary fuel excise discount ended in 2022, the full excise and indexation quietly crept back into pump prices. With most local refineries gone, we import much of our fuel, so freight, shipping bottlenecks and regional Singapore benchmarks feed straight into what you pay. Retail margins ebb and flow with the price cycle, but competition doesn’t always save you when the tide’s going out. Practical fix? Shop the cycle with fuel-price apps, fill midweek, and don’t buy premium unless your car actually asks for it.