Australian fuel prices likely to rise as Opec+ countries cut oil production to ‘squeeze the market’

Cuts by world's biggest petrol producers will work against other governments' efforts to tame inflation by releasing fuel stocks

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Australian motorists could be hit by higher petrol prices as the world's largest oil exporting nations cut production, analysts say.

The Australian government reinstated the full fuel excise tax in September after the Morrison Coalition government introduced a temporary, six-month cut to lower the cost of fuel at a time of rising inflation.