Prime Minister Anthony Albanese has announced the Government will halve the fuel excise over the next three months to lower petrol prices for Australians.
The price of petrol has increased significantly over the past month due to the U.S-Israel war with Iran, which has impacted global supply of oil.
Opposition Leader Angus Taylor urged the Government to adopt this policy last week.
Fuel excise
The fuel excise is effectively a tax on petrol. It has existed since 1901. Currently, consumers pay 52.6 cents per litre of petrol in tax for both petrol and diesel.
(Note: The fuel excise is technically paid by the manufacturers, but they ‘pass it on’ to the customer.)
In March 2022, the then-Coalition Government halved the fuel excise for six months as a cost-of-living measure.
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At the time, the excise was 44.2 cents, so the discount lowered it to 22.1 cents.
Developments
On Monday, Albanese said the Government would halve the fuel excise on petrol and diesel over the next three months.
The cost offuel will be reduced by 26.3 cents per litre from Wednesday.
“We’re making fuel cheaper today because we understand that Australians are under serious pressure,” he said.
The change to the excise is part of a national fuel security plan, agreed to by the leaders of all states and territories on Monday morning.
