Petrol prices are set to hit their lowest prices in three years.

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Australian oil companies are being accused of profiteering off the war in Iran as the average price of unleaded petrol surges well past $2 a litre in Sydney, Melbourne and Brisbane today.
Half of the petrol stations in Melbourne today are charging 219.9 cents a litre, while half in Sydney have raised prices to between 217.9 and 223.9 – well in excess of the expected top of their price cycles.
Brisbane had the highest average unleaded price of the three capitals, at 210.2 cents per litre, according to the MyNRMA app.
Petrol prices are set to hit their lowest prices in three years.
Petrol prices in Sydney, Melbourne and Brisbane have surged well beyond their expected peak level.(AP)

Australia maintains a robust reserve of petrol, reassuring citizens with its stockpile status.

The country currently possesses a 34-day supply of diesel and a 36-day supply of unleaded petrol, figures which exclude the amounts already distributed within the retail network.

Rowan Lee, the chief executive of ACAPMA, has highlighted that Australia’s oil reserves are secure, even in scenarios where the Strait of Hormuz remains inaccessible.

In a statement to the ABC, he explained, “More than half of our fuel is sourced from Singapore, which receives its oil from countries like South Korea, Japan, Brunei, Malaysia, and India.”

He emphasized, “We rely minimally on oil from the Middle East.”

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