Latest news with #PeterKhoury
The Advertiser
4 days ago
- Automotive
- The Advertiser
'Don't panic': minimal impact on fuel prices amid Middle East conflict
AMID conflict in the Middle East, NRMA has urged drivers not to fear that fuel prices may rise. Since the heated Iran-Israel conflict unfolded on Friday, the price of oil and fuel has jumped two cents, but NRMA spokesperson Peter Khoury says it's not a matter of concern for Aussie commuters. "We don't want Australians to panic. We look at these things very closely. We're passing on information as it occurs from the Middle East, but we don't want people to panic, the numbers just aren't there yet," he said. Mr Khoury said that prices fluctuate with any flare-up in the Middle East. He said oil prices went up about $6 a barrel. "The wholesale price has gone up about two or three cents per litre. It's still $1.60, so we're not seeing a huge change in the oil price, certainly after Friday," he said. "That's not to say that we aren't keeping a close eye on it. It's the Middle East, anything can happen." Regular unleaded in Dungog cost $1.81 on Tuesday. In Maitland, it was selling for $1.77 per litre, $1.78 in Newcastle and $1.87.8 in Singleton. "Diesel's not too far off those prices in the 170s, 180s. In Scone, it's $1.69, which is one of the better prices in the state," Mr Khoury said. He said the price jump wasn't vast despite everything that has unfolded and reminded drivers not to panic. "These numbers do not suggest even remotely that Australians should be panicking and flooding the service stations trying to fill up.," he said. He encouraged people to research before fuelling up and utilise apps and websites to find the cheapest fuel. "In all those towns, there is a spread of price differences and a gap between the cheapest and the most expensive service stations," he said. Maitland's cheapest was $1.56 and the most expensive was $2 per litre. In Newcastle, the gap between the cheapest and the most expensive was almost the same, Mr Khoury said. AMID conflict in the Middle East, NRMA has urged drivers not to fear that fuel prices may rise. Since the heated Iran-Israel conflict unfolded on Friday, the price of oil and fuel has jumped two cents, but NRMA spokesperson Peter Khoury says it's not a matter of concern for Aussie commuters. "We don't want Australians to panic. We look at these things very closely. We're passing on information as it occurs from the Middle East, but we don't want people to panic, the numbers just aren't there yet," he said. Mr Khoury said that prices fluctuate with any flare-up in the Middle East. He said oil prices went up about $6 a barrel. "The wholesale price has gone up about two or three cents per litre. It's still $1.60, so we're not seeing a huge change in the oil price, certainly after Friday," he said. "That's not to say that we aren't keeping a close eye on it. It's the Middle East, anything can happen." Regular unleaded in Dungog cost $1.81 on Tuesday. In Maitland, it was selling for $1.77 per litre, $1.78 in Newcastle and $1.87.8 in Singleton. "Diesel's not too far off those prices in the 170s, 180s. In Scone, it's $1.69, which is one of the better prices in the state," Mr Khoury said. He said the price jump wasn't vast despite everything that has unfolded and reminded drivers not to panic. "These numbers do not suggest even remotely that Australians should be panicking and flooding the service stations trying to fill up.," he said. He encouraged people to research before fuelling up and utilise apps and websites to find the cheapest fuel. "In all those towns, there is a spread of price differences and a gap between the cheapest and the most expensive service stations," he said. Maitland's cheapest was $1.56 and the most expensive was $2 per litre. In Newcastle, the gap between the cheapest and the most expensive was almost the same, Mr Khoury said. AMID conflict in the Middle East, NRMA has urged drivers not to fear that fuel prices may rise. Since the heated Iran-Israel conflict unfolded on Friday, the price of oil and fuel has jumped two cents, but NRMA spokesperson Peter Khoury says it's not a matter of concern for Aussie commuters. "We don't want Australians to panic. We look at these things very closely. We're passing on information as it occurs from the Middle East, but we don't want people to panic, the numbers just aren't there yet," he said. Mr Khoury said that prices fluctuate with any flare-up in the Middle East. He said oil prices went up about $6 a barrel. "The wholesale price has gone up about two or three cents per litre. It's still $1.60, so we're not seeing a huge change in the oil price, certainly after Friday," he said. "That's not to say that we aren't keeping a close eye on it. It's the Middle East, anything can happen." Regular unleaded in Dungog cost $1.81 on Tuesday. In Maitland, it was selling for $1.77 per litre, $1.78 in Newcastle and $1.87.8 in Singleton. "Diesel's not too far off those prices in the 170s, 180s. In Scone, it's $1.69, which is one of the better prices in the state," Mr Khoury said. He said the price jump wasn't vast despite everything that has unfolded and reminded drivers not to panic. "These numbers do not suggest even remotely that Australians should be panicking and flooding the service stations trying to fill up.," he said. He encouraged people to research before fuelling up and utilise apps and websites to find the cheapest fuel. "In all those towns, there is a spread of price differences and a gap between the cheapest and the most expensive service stations," he said. Maitland's cheapest was $1.56 and the most expensive was $2 per litre. In Newcastle, the gap between the cheapest and the most expensive was almost the same, Mr Khoury said. AMID conflict in the Middle East, NRMA has urged drivers not to fear that fuel prices may rise. Since the heated Iran-Israel conflict unfolded on Friday, the price of oil and fuel has jumped two cents, but NRMA spokesperson Peter Khoury says it's not a matter of concern for Aussie commuters. "We don't want Australians to panic. We look at these things very closely. We're passing on information as it occurs from the Middle East, but we don't want people to panic, the numbers just aren't there yet," he said. Mr Khoury said that prices fluctuate with any flare-up in the Middle East. He said oil prices went up about $6 a barrel. "The wholesale price has gone up about two or three cents per litre. It's still $1.60, so we're not seeing a huge change in the oil price, certainly after Friday," he said. "That's not to say that we aren't keeping a close eye on it. It's the Middle East, anything can happen." Regular unleaded in Dungog cost $1.81 on Tuesday. In Maitland, it was selling for $1.77 per litre, $1.78 in Newcastle and $1.87.8 in Singleton. "Diesel's not too far off those prices in the 170s, 180s. In Scone, it's $1.69, which is one of the better prices in the state," Mr Khoury said. He said the price jump wasn't vast despite everything that has unfolded and reminded drivers not to panic. "These numbers do not suggest even remotely that Australians should be panicking and flooding the service stations trying to fill up.," he said. He encouraged people to research before fuelling up and utilise apps and websites to find the cheapest fuel. "In all those towns, there is a spread of price differences and a gap between the cheapest and the most expensive service stations," he said. Maitland's cheapest was $1.56 and the most expensive was $2 per litre. In Newcastle, the gap between the cheapest and the most expensive was almost the same, Mr Khoury said.
Perth Now
13-06-2025
- Business
- Perth Now
Why Aussie shouldn't worry about oil prices
Australian motorists are being urged not to panic after the price of crude oil rose in recent days on the back of the geopolitical tensions in the Middle East. Motorists in Australia could be spared from the worst of the fallout from the Middle-East, even as the price of the commodity surges. Futures markets for Brent oil have spiked in recent days and are now buying $US75 a barrel, when it was just over $US65 this time last week. It comes as tensions out of the Middle East flare up, after Israel undertook pre‑emptive attacks on Iran. It said the strikes were aimed at eliminating Iran's nuclear program and ballistic missile capabilities, but the fears in the market are based on what Iran will do in response. The price of crude oil has spiked in recent days. Christian Gilles / NewsWire Credit: News Corp Australia If it hits neighbouring oilfields or blocks the Strait of Hormuz, through which 20 per cent of the world's oil supplies are shipped, the price of the commodity could skyrocket. But NRMA spokesman Peter Khoury said every time there were geopolitical tensions in the Middle East, there was an initial knee jerk reaction from the market before it stabilised. He said Australian motorists should remain calm. 'What we are seeing here is an initial reaction to what has happened in the last few hours in Iran, but this is not uncommon,' he told NewsWire. 'Until you see those increases rise and they start occurring in the Asian markets then Australian motorists shouldn't be panicking.' Mr Khoury said currently there were no issues that there will be supply issues. 'It is important that it is put into context – we get our oil from Asia, we get our refined fuel from Asia, so there's no need to panic,' he said. AMP chief economist Shane Oliver wrote in his latest note fuel prices could be on the rise, but it would need the price of oil to remain elevated. 'Oil prices were already rising this month on signs of increasing risks and have spiked further – with the rise so far this month threatening a flow of around 12 cents a litre for Australian petrol prices if sustained at these levels,' he said. Australian motorists could be spared the worst of the fallout. NewsWire / Flavio Brancaleone Credit: News Corp Australia Swissoquote Bank senior analyst Ipek Ozkardeskaya said the price of oil would either rise or fall depending on Iran's response. 'One scenario is de-escalation, which could bring oil back below $US70 per barrel, around the 200-day moving average, shifting the market's attention back to supply-demand dynamics, trade disruptions, and renewed pressure on Russian oil,' she wrote in an economic note. 'The other scenario is broader escalation, potentially pushing oil prices toward $US90 –$100 per barrel – hopefully only temporarily.' Dr Oliver said the flow on impacts from this could see inflation spike over the short term. 'While petrol prices could spike on the latest Israel/Iran conflict, the RBA is likely to look through any boost to inflation as temporary and focus more on any drag to growth.' Despite the rise in costs, Dr Oliver reminded motorists the price of crude oil had just gone back to levels it was this time last year. He also believes subdued consumer confidence, weak business conditions and easing inflation would all add to a case for a rate cut. 'Following the weak March quarter GDP data our base case is for 0.25 per cent rate cuts in July, August, November and February taking the cash rate to 2.85 per cent. The money market sees about an 88 per cent chance of a 0.25 per cent cut in July and just over three cuts by year end.
News.com.au
13-06-2025
- Business
- News.com.au
Australian motorists could be spared fuel price rises as tensions in Iran simmer
Australian motorists are being urged not to panic after the price of crude oil rose in recent days on the back of the geopolitical tensions in the Middle East. Motorists in Australia could be spared from the worst of the fallout from the Middle-East, even as the price of the commodity surges. Futures markets for Brent oil have spiked in recent days and are now buying $US75 a barrel, when it was just over $US65 this time last week. It comes as tensions out of the Middle East flare up, after Israel undertook preâ€'emptive attacks on Iran. It said the strikes were aimed at eliminating Iran's nuclear program and ballistic missile capabilities, but the fears in the market are based on what Iran will do in response. If it hits neighbouring oilfields or blocks the Strait of Hormuz, through which 20 per cent of the world's oil supplies are shipped, the price of the commodity could skyrocket. But NRMA spokesman Peter Khoury said every time there were geopolitical tensions in the Middle East, there was an initial knee jerk reaction from the market before it stabilised. He said Australian motorists should remain calm. 'What we are seeing here is an initial reaction to what has happened in the last few hours in Iran, but this is not uncommon,' he told NewsWire. 'Until you see those increases rise and they start occurring in the Asian markets then Australian motorists shouldn't be panicking.' Mr Khoury said currently there were no issues that there will be supply issues. 'It is important that it is put into context – we get our oil from Asia, we get our refined fuel from Asia, so there's no need to panic,' he said. AMP chief economist Shane Oliver wrote in his latest note fuel prices could be on the rise, but it would need the price of oil to remain elevated. 'Oil prices were already rising this month on signs of increasing risks and have spiked further – with the rise so far this month threatening a flow of around 12 cents a litre for Australian petrol prices if sustained at these levels,' he said. Swissoquote Bank senior analyst Ipek Ozkardeskaya said the price of oil would either rise or fall depending on Iran's response. 'One scenario is de-escalation, which could bring oil back below $US70 per barrel, around the 200-day moving average, shifting the market's attention back to supply-demand dynamics, trade disruptions, and renewed pressure on Russian oil,' she wrote in an economic note. 'The other scenario is broader escalation, potentially pushing oil prices toward $US90 –$100 per barrel – hopefully only temporarily.' Dr Oliver said the flow on impacts from this could see inflation spike over the short term. 'While petrol prices could spike on the latest Israel/Iran conflict, the RBA is likely to look through any boost to inflation as temporary and focus more on any drag to growth.' Despite the rise in costs, Dr Oliver reminded motorists the price of crude oil had just gone back to levels it was this time last year. He also believes subdued consumer confidence, weak business conditions and easing inflation would all add to a case for a rate cut. 'Following the weak March quarter GDP data our base case is for 0.25 per cent rate cuts in July, August, November and February taking the cash rate to 2.85 per cent. The money market sees about an 88 per cent chance of a 0.25 per cent cut in July and just over three cuts by year end.
ABC News
12-05-2025
- Climate
- ABC News
Country mayors concerned by NRMA report showing $3.4b road funding backlog
Cash-strapped New South Wales councils are facing mind-boggling backlogs as they struggle to keep road networks up to scratch. An NRMA report estimates it would cost $3.4 billion to bring council-owned roads across the state up to standard after "an unprecedented wave of wet weather events over the past three years". Most of the damage has been done in regional areas, including the Clarence Valley, where the repair bill jumped from about $270 million in 2022-23 to more than $390m in 2023-24. Mayor Ray Smith said he was "not particularly surprised" by the findings. "Clarence Valley Council has one of the largest, longest road networks of any council in NSW," he said. "It's about 3,100 kilometres … trying to maintain that is a very, very expensive process. The Clarence Valley is one of seven councils across NSW with an estimated road maintenance backlog exceeding $100 million. NSW road funding backlogs 2023-24 Source: NRMA The backlogs tend to be less costly in metropolitan areas, where road networks generally cover shorter distances. The biggest backlog in the Sydney area is in Blacktown, where the repair cost is estimated at $84 million. NRMA spokesperson Peter Khoury said statewide the backlog had increased by 20 per cent on the previous year. He said the backlog for the Northern Rivers alone was $594.5 million. "Not surprising considering the amount of rain and damage over the last few years that has been done to those councils and their roads," Mr Khoury said. He said numbers in the Northern Rivers were likely to get "even worse" next year when the effects of ex-Tropical Cyclone Alfred were factored in. Country Mayors Association of NSW chair Rick Firman said the statistics were "very, very confronting". "It actually just hits you right between the eyes … how dire the situation is," he said. "It cannot continue in the manner that it is. "We need help and we want to partner and assist with our federal and state governments along this journey, but again, the old saying — if you haven't got socks on, you can't pull them up." NSW Roads and Regional Transport Minister Jenny Aitchison said the report was being reviewed but was "generally consistent" with what was already known. "In response to the increasing impact of natural disasters on the road network in our state, the 2024-25 NSW budget delivered $3.3 billion to rebuild road and transport infrastructure damaged by multiple severe weather events, which hit regional NSW the hardest," she said in a statement. NSW was allocated $3 billion in road safety funding over the next 10 years in the 2024-25 federal budget. The Commonwealth will provide about $630 million in road funding grants to NSW councils in 2025-26 under programs including Roads to Recovery and Safer Local Roads and Infrastructure. But Wagga Wagga Mayor Dallas Tout said a longer-term solution was needed. "We'll get different pockets of money, but there's no long-term systemic solution at this stage," he said. "We'll get splashes of cash, but there's not the ongoing funding and that's what needs to happen. "That's what needs to be ongoing into the future — recurrent funding."
Yahoo
04-04-2025
- Yahoo
Millions issued stark warning ahead of huge surge on roads: 'Very worrying'
With millions around the country preparing for the much-anticipated Easter break, a huge number of drivers will soon hit the nation's roads as Australians head away to enjoy the long weekend. New data has found more than a quarter of Aussies plan to take off the three working days between the Easter and Anzac Day long weekends to have an extended break. Almost two-thirds of those plan to travel, with the majority staying within their home state and 77 per cent choosing to drive, according to an NRMA survey. The Easter-Anzac Day break, combined with lower interest rates, is boosting domestic tourism, particularly to areas in southeast Queensland and northern NSW recovering from Cyclone Alfred. NRMA Parks and Resorts has seen a late surge in bookings across its 60+ holiday locations, with limited spots remaining. The NRMA's Peter Khoury warns that with so many people planning a getaway, drivers must take extra precautions to cater for the drastic increase in vehicles on the road. Speaking to Yahoo, Khoury said "the focus on road safety has to be critical, and front and centre". "We're expecting traffic to ramp up as we get closer to Easter, particularly as the rest of the states fall into their school holiday period," he said. "The road toll is up in a number of states, certainly in NSW, which is very worrying. We want to see that reverse, and this is going to be a critical period in the next few weeks, as more families go on holidays. "We know that a lot of families are going to take that time off between Easter and Anzac Day and make it a longer holiday, which means that they may travel longer distances." Khoury said this year, there are several factors increasing the safety risk on roads. "With Easter being that combined holiday period, that just increases the risk even further. We're going to see not just more people on the roads, but more people driving on unfamiliar roads, particularly regional highways, and more people driving on roads for longer distances. "These challenges, coupled with the wet weather we've been seeing in Queensland and NSW — and a lot of roads are already damaged — are a concern." Khoury urged caution and preparation, stressing the importance of road safety, vehicle checks, and allowing extra travel time to avoid accidents in already vulnerable conditions. Police around the country are also ramping up efforts ahead of the break, with double-demerits applying in NSW, ACT and Western Australia from Thursday, April 17, to Monday, April 21. In Queensland, police are broadening the use of roadside breath and drug testing, coinciding with school holidays from April 4 to 21. Car makers may soon withdraw Aussie models, increase prices Drivers warned their wages could be seized over $160m in unpaid fines More expensive road fines coming for millions of Aussie drivers Queensland Police said on Friday ahead of the anticipated surge in holiday traffic they will have a strong state-wide presence to target driver impairment and enforce road safety. They're urging motorists to avoid the "fatal five" — drink and drug driving, speeding, fatigue, distraction, and seatbelt misuse — to prevent holiday tragedies. Do you have a story tip? Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube.
