I agree that a combo of oil supply due to the Middle East debacle and a weakening AUD could sent the price of petrol/diesel close to $3/liter. Also now that the excise set rate has been changed to a % of price, this to will add to the petroleum pricing.
IMO that was likely a RBA consideration yesterday because fuel pricing plays such a key role in our inflation.
That said, a global recession (Stock Markets are wobbling at present) would likely moderate price by knocking back demand.
I'm in Europe at present where on average petrol is E180/litre (over $3 our peso)
IMO the next Government, whether that be Lib or Labor will likely use more stick and more carrot to encourage a higher rate of EV uptake. That will likely take the form of: -CO2 based regos -lifting the excise rate on petroleum (concessions for transport to minimise inflation) -removing the GST from New EVs (businesses can already claim it back) -scrappage grant (say $3K) on fuel guzzlers) for private buyers of a new EV.
Reducing our reliance on import oil & petroleum is both an economic issue as well as a national security issue given the state of war/unrest among oil producers .
Like in Aus, I'm amazed at so few used hybrids and EV in the used car yards in Europe given the growing market trend towards new hybrids/BEVs. (PS: are you enjoying the Olympics?)
