Australian motorists are bracing for more pain at the bowser as the fuel excise cut looks all but certain to end. 7NEWS
The former Coalition government, in its final budget in March, slashed the fuel excise in half from 44.2 cents per litre for a six-month period.A motorist refuels her car at a service station in Brisbane. File image.According to the Australian Institute of Petroleum, the average cost for a litre of petrol was 179.1 cents on February 21 - three days before Russia invaded Ukraine.
It acknowledged that most did - but it was a combination of factors that resulted in petrol prices falling so quickly after it came into effect. “After the cut in fuel excise came into effect on 30 March 2022, ACCC monitoring found significant falls in retail fuel prices in all capital cities and the vast majority of regional locations,” it said in a statement this month
“After 6 weeks, the influence of the lag between changes in wholesale prices and changes in retail prices had been incorporated into retail price movements, and the cuts to fuel excise had clearly been passed on to a large extent. By this time petrol stations had likely used up existing stocks of petrol and diesel, and restocked with fuel at a lower wholesale price taking account of the excise cut.
“There are other factors that also contributed to price falls around the time of the cuts, such as a decrease in international refined petrol and diesel prices in early April.”If you’d like to view this content, please adjust your
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