Australia Oil Price Today April 2026: Brent Crude Near $96 as Geopolitical Ceasefire Eases Pump Pain

SYDNEY — Global oil prices stabilized near $96 per barrel for Brent crude on Sunday, April 12, 2026, providing modest relief to Australian motorists after weeks of volatility triggered by Middle East conflicts, though domestic petrol and diesel prices remain elevated and diesel shortages persist in some regions.

Brent crude futures settled around $95.20–$96.90 per barrel on April 10, the most recent trading day, after swinging on news of a U.S.-Iran ceasefire that temporarily eased supply fears. West Texas Intermediate (WTI) traded slightly higher near $98–$99 per barrel in recent sessions. The benchmarks have retreated from peaks above $110–$118 seen earlier in 2026 amid regional tensions but remain significantly higher than early-year levels around $60–$70.

Australia, a net importer of both crude oil and refined fuels, closely tracks these international benchmarks through regional references such as Tapis crude and Singapore Mogas 95 gasoline. The Australian Institute of Petroleum (AIP) reported Tapis crude averaging $123.50 per barrel in the week to April 3, while North Sea Dated Brent stood at $114.10. These figures flow through to wholesale costs that ultimately determine what drivers pay at the pump.

Retail unleaded petrol averaged around AUD 2.11 per litre nationally as of early April, according to GlobalPetrolPrices.com data updated April 6. That equates to roughly USD 1.47 per litre. Prices vary by state and city, with Sydney and Melbourne often seeing averages between 208 and 217 cents per litre depending on the day and station competition. Some reports noted a national average petrol price dropping more than 5% to about AUD 2.40 per litre in the week to early April — the first decline since the Iran-related escalation — thanks in part to a government fuel excise cut.

Diesel, however, tells a more painful story. National averages reached AUD 2.73 per litre (USD 1.90) or higher, with some regional and metropolitan readings hitting AUD 3.00–$3.13 per litre — record territory since tracking began. Diesel shortages have been reported at service stations across parts of the country, forcing truckers and logistics operators to reroute or absorb higher costs that ripple through supply chains and consumer goods.

Government Response and Excise Relief

In late March, Prime Minister Anthony Albanese announced a halving of the fuel excise tax, effective from early April, reducing the levy by 26.3 cents per litre for three months. The measure was designed to cushion households and businesses from the sharp spike caused by geopolitical events. While the cut provided immediate savings on petrol — with some retailers passing on nearly the full amount — its impact on diesel has been more muted due to stronger underlying wholesale pressures and global refining constraints.

The Australian Competition and Consumer Commission (ACCC) and AIP continue to monitor the market weekly. Their latest reports highlight how Singapore-refined fuel benchmarks heavily influence Australian pricing, with refiner margins adding another layer. Analysts warn that even if the ceasefire holds, full normalization of prices could take months because of damaged infrastructure and lingering uncertainty in oil-producing regions.

Impact on Australian Households and Economy

Higher fuel costs are hitting Australian wallets hard. A typical 65-litre fill-up now costs significantly more than pre-crisis levels, with some drivers reporting increases of 30–50 cents per litre since February. Rural and regional areas often face even steeper prices and greater risk of outages.

The transport sector feels the brunt through diesel. Higher costs for freight and logistics are expected to push up prices for groceries, goods and services in coming months. Economists note that sustained oil prices near or above $90–$100 per barrel could trim GDP growth and add to inflationary pressures, though the excise relief and recent price pullback have provided some breathing room.

The Australian dollar, trading around 70.7 US cents in recent days, also plays a role. A weaker AUD makes imported oil more expensive in local currency terms, amplifying the effect of global benchmark rises.

Why Prices Remain Volatile

The 2026 oil price surge stemmed primarily from disruptions linked to Middle East conflicts, including threats to shipping lanes and production facilities. Even after ceasefire announcements, markets remain cautious. Experts quoted in The Guardian and ABC News suggest it could take up to a year for prices to return to pre-crisis levels if stability is not sustained and infrastructure repairs lag.

Australia has limited domestic production and relies heavily on imports. The country has no major refining capacity left after earlier closures, making it dependent on refined product shipments from Singapore and elsewhere. Port call data tracked by media outlets show fluctuating tanker arrivals, contributing to occasional local shortages.

Weather events, maintenance schedules at refineries and global demand from China and other Asian economies also influence the equation. Sovereign AI projects and energy-intensive industries add another layer of long-term demand pressure on oil and related products.

Outlook for Australian Fuel Prices

Analysts offer mixed forecasts. Some project Brent crude averaging around $90–$100 per barrel by year-end 2026 if tensions ease further. Others warn of renewed spikes if conflicts reignite. For Australian drivers, the near-term outlook depends on how quickly wholesale benchmarks translate through the supply chain and whether additional government measures are introduced.

Motorists are advised to shop around using apps and websites that track station prices, as discounts of 10–30 cents per litre remain common at competitive outlets, especially mid-week or during loyalty promotions. Filling up in cheaper suburbs or timing purchases can yield meaningful savings.

The AIP and ACCC encourage consumers to report unusual pricing behavior, while authorities continue to monitor for any anti-competitive practices amid the crisis.

As of April 12, 2026, oil prices have eased from their recent highs but Australian fuel costs — particularly diesel — stay uncomfortably elevated. The combination of global geopolitics, import dependence and domestic policy responses will continue shaping what drivers pay in the weeks and months ahead.

For the latest figures, Australians should check official sources such as the AIP weekly reports, state fuel price websites or apps like PetrolSpy and Motormouth. Global benchmarks can be followed via trading platforms and financial news outlets.

While the worst of the recent spike may have passed with the ceasefire, sustained lower prices will require lasting stability in energy markets and continued vigilance on domestic supply chains.