Pump Prices Won’t Plunge Yet — What’s Really Behind the Delay

Motorists hoping for instant relief at the bowser may need to temper expectations, despite the reopening of the Strait of Hormuz — one of the world’s most critical oil transit routes. Global oil markets reacted quickly when the strait was closed, sending prices soaring amid fears of supply disruptions. But now that it has reopened, the drop in fuel prices at the pump won’t be immediate. Industry experts say it could take one to three weeks before drivers see any meaningful price relief. The delay comes down to a simple reality: much of the fuel currently being sold across Australia was purchased at...