Fuel prices are falling \u2014 at least on paper. Global markets have reacted quickly to easing tensions. But at the local petrol station, things rarely move that fast, and drivers are starting to notice the gap.<\/p>\n\n\n\n
The price of Brent crude has dropped sharply, falling 13.3% to US$94.75 per barrel after climbing above US$119 at the height of geopolitical tensions. On the surface, that kind of shift suggests relief should be around the corner.<\/p>\n\n\n\n
In reality, it\u2019s not that simple. Australian motorists are unlikely to see immediate changes at the bowser. According to NRMA spokesperson Peter Khoury, there is typically a seven to 10 day delay between movements in global oil prices and what drivers actually pay, reports 9News.<\/a><\/p>\n\n\n\n Part of the reason is logistical. Fuel sold at service stations today was often purchased days, sometimes weeks earlier, at higher prices. So even when markets cool, retail prices take their time catching up. It\u2019s a bit like turning a large ship \u2014 it doesn\u2019t pivot instantly.<\/p>\n\n\n\n