Gas prices are set to spike again as the 16-cent-per-liter fuel tax cut ends August 2nd—no extension expected. Rising tensions in the Middle East are already pushing prices higher, with wholesale costs climbing and key shipping routes like the Strait of Hormuz still under threat. The NRMA warns that until hostilities ease, fuel costs will remain volatile, hitting not just drivers but heavy industries like mining and transport—and potentially the broader economy. With fears of Red Sea disruptions and a looming refined fuel shortage, experts sound the alarm. The government’s temporary extension buys time, but motorists brace for a painful climb.
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