(April 7): The cost of gasoline fell from record levels in Australia, as government measures helped ease some of the pain at the pump caused by the war in the Middle East. Australia imports most of its fuel, leaving the nation exposed to global supply shocks as the war in Iran tightens markets. It has also released some fuel from the national reserves and sought supply guarantees from Asian exporters to make sure that imports continue to arrive. The higher prices have also seen electric vehicle sales surge in March to their highest share of the market on record. “More consumers are considering EVs due to the disruption to fuel supply caused by conflict in the Middle East,” the chamber’s chief executive officer Tony Weber said in a statement.

Source: The Edge Markets April 07, 2026 04:13 UTC