Motorists' pain at the pump likely to continue for some time

The announcement of a ceasefire in the Middle East looks set to reduce motorists' pain at the pump, with Iran agreeing to allow ships through the Strait of Hormuz. But even if the ceasefire holds, it's likely price reductions will take time to flow through, and disruption to global markets could have a long tail. The government is again urging calm, saying fuel supplies are secure into May, as it works to shore up supply from international partners.

CHARLESTOWN, AUSTRALIA â" MARCH 30: Gasoline prices are displayed at a petrol station in Charlestown, New South Wales, Australia on March 30, 2026. Source: Anadolu / Anadolu/Anadolu via Getty Images

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