00:02I'm sitting here in South Melbourne and behind me we've seen a steady stream of motorists
00:09arriving here just to try to capitalise on some of the cheaper prices here for example
00:13behind me unleaded is sitting at about $1.96 a litre so it's below the $2 mark many places
00:21are now above $2 and as Romy was just mentioning there are reports that we could see prices
00:26go as high as $3 a litre now that's according to economists from Westpac they've actually
00:31crunched the numbers and they have looked at that key waterway of course the Strait of Hormuz
00:36which accounts for about a fifth of the world's oil reserves that have to pass through there
00:41at the moment it's completely shut down and they say that if that continues to be closed
00:47for three months then and it does impact this situation then we could be looking at the prices
00:54going up to Brent crude $185 per barrel now that would end up translating here at the
01:02bowser to an increase of anywhere between 25 cents a litre or a dollar a litre that's where
01:07we get that $3 a litre figure from so there is obviously that real concern but of course
01:13we have heard from President Trump saying that he is going to potentially move in the US Navy
01:17to guarantee some of those supplies to be able to go through so we are still waiting to see
01:23how long this conflict drags on as to what the potential impact is and we've already heard
01:28from motoring groups that it normally typically takes about 7 to 10 days for any world shocks to
01:34actually flow through to the bowser here locally but nevertheless there are still plenty of motorists
01:41that are trying to make sure that they do get in and get their cars filled up this is what
01:46some of
01:46them had to say this is me getting in early this is the cheap one nearby so it seems like
01:52few people
01:52are trying to get get in early though maybe it's not it's not going to be as bad as what
01:57everybody
01:57might say how it is I have to fill up while I can before it gets too bad brought me
02:01here cheap fuel
02:03prices I'm expecting them to go up soon so I'm trying to get in now petrol is going to go
02:07up in price
02:08and everybody's going to rush around to fill their car and just like we're doing so that's just a
02:15snapshot of some motorists and we've seen plenty of different fluctuations happening already but as
02:21Romy mentioned the federal government's already saying don't panic don't rush to the service station
02:25necessarily due to the fact that we've still got quite a few fuel supplies and of course also the
02:30treasurer Jim Chalmers has written to the ACCC to get it to monitor fuel prices because it wants the
02:38government wants to make sure that there isn't any price gouging and opportunistic price increases as
02:44a result of this
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