Petrol prices in Australia's major cities hit 8-year high

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Petrol prices in Australia's major cities hit 8-year high

STORY: Petrol prices in Australia's major cities hit 8-year high DATELINE: March 15, 2022 LENGTH: 00:01:33 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Sydney, Australia STORYLINE: The Russia-Ukraine crisis and OPEC production limitation combined with recovering oil demand pushed February prices for both international refined petrol and average retail petrol in Australia's five largest cities to an eight-year high. The latest petrol monitoring report published on Monday by the Australian Competition and Consumer Commission (ACCC), the country's consumer watchdog, revealed that daily average retail petrol prices in Australia's five major cities: Sydney, Melbourne, Brisbane, Adelaide and Perth hit 182.4 cents per liter (about 132.4 U.S. cents) in late-February 2022, the highest inflation-adjusted (real) level since 2014. ACCC Chair Rod Sims said the world was already experiencing high crude oil prices since late last year and the Russia-Ukraine crisis has forced crude oil pri

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