You might want to stock up on fuel.

Petrol prices are expected to jump massively and stay there for a long time after an attack on a major oilfield in Saudi Arabia.

The incident affected 5 per cent of the world’s oil supply.

The price of oil has already jumped up 20 per cent and the Australian Institute of Petroleum it will take a couple of weeks for the full impact of the price shock to hit Australia – in other words, this is only the beginning.

Already prices of up to $1.71/L for unleaded have been spotted around Melbourne.

 

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