As the world is grappling with the surge of petrol and diesel prices, Australia’s Prime Minister Anthony Albanese has said that the Iran conflict will bring devastating effects for months, even to those who are not directly involved in the war.
Albanese said this on Wednesday, indicating that the war has brought about an economic shock, and it’s effects will be felt by everyone.
“Australia is not an active participant in this war. But all Australians are paying higher prices because of it,” said Albanese.
The Iran war has so many factors that have contributed to its existence, which range from a long-standing US-Iran tension, Iran’s support for proxy groups like Hamas, which is seen as a threat to Israel, and Iran’s nuclear programs.
Malawi has also felt the effects of the war as fuel prices have risen.
Petrol now costs MK6,672 per liter, up from MK4,935, while diesel’s price rose to MK6,687 from MK4,945.
MERA says the hike is due to the conflict in Iran, which is affecting global fuel prices.
Meanwhile, the fuel hike means there will be a rise in food prices and transport costs, and low-income households will suffer the most as inflation goes up.
