If you are strapped for cash this holiday season, the money crunch may be getting worse. That is, if you live in Australia. A deal struck by 25 global oil producers is causing petrol prices to skyrocket. The hope is that the new deal will pass after Christmas, leaving prices low over the holiday. Motorists are encouraged to shop around for the best petrol prices in their area to ensure they are getting the best deal they can.

Key Takeaways:

  • A “historic” deal struck by 25 global oil producers is likely to worsen financial pains for Australian motorists, a fuel price expert has warned.
  • News reached the world on Monday that OPEC and non-OPEC producers had agreed over the weekend to jointly cut production.
  • Prices may fall over the holiday long weekend, but then start to rise again in Sydney between Christmas and New Year.

“The price of crude oil skyrocketed, as markets priced-in expectations that the two-year glut of supply would abate.”


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