Australian fuel industry warns pump prices could climb as global oil buffers shrink
Global oil stockpiles are being drawn down at a record pace, with the International Energy Agency estimating inventories have fallen by 507 million barrels since the conflict began. Disruptions have escalated as Ukrainian attacks have severely damaged Russia’s refining sector, which typically accounts for 4 per cent of global capacity, while China is preparing to lift crude imports. In Australia, average petrol prices have jumped nearly 40 per cent since July to above $2.30 a litre and diesel has risen nearly 60 per cent to $2.88, heightening concern about further increases.