Petrol prices to stay high despite Iran tensions

Petrol prices in Australia are expected to remain elevated due to ongoing tensions in the Middle East affecting the Straits of Hormuz. Energy Minister Chris Bowen confirms that even if the strait reopens, recovery will take considerable time as gas fields and production facilities have been damaged and will take years to rebuild. The government has implemented an excise cut that is flowing through to service stations, and efforts are focused on maintaining fuel supply to critical areas, particularly for farmers during seeding season.

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