‘Still under pressure’: Prime Minister Anthony Albanese confirms fuel excise cut extension for another month
Anthony Albanese has confirmed that the fuel excise tax cut will be extended for another month.
The excise duty was first introduced in April and is due to expire at the end of this month, with speculation it could be extended further.
The Prime Minister has confirmed that the fuel duty cut will be moved to July as a deal between the US and Iran to end the conflict in the Middle East.
With gasoline and diesel prices 16 cents per liter cheaper than regular prices in July, drivers are expected to save $11 per tank.
The outage will begin on July 1 and continue until August 2.
Within the scope of the extension of the fuel SCT cut, there will be a 16 kuruş discount on the Heavy Vehicle Road User Fee.
Extending fuel excise duty relief and cutting the Heavy Vehicle Road User Charge will cost around $400 million.
Mr Albanese said extending the consumption tax cut would enable economic and fuel stability to be realized.
In March, Mr Albanese announced a reduction of the HGV Road User Charge to zero, as well as a three-month cut to fuel excise duty of 32 cents per liter and a postponement of the next planned increase by six months.
“Today’s decision recognizes that despite the welcome and significant decline in oil prices recently, we know people are still under pressure,” he said.
“The extension of the fuel tax reduction we announced today by 16 cents per liter,
“A 65-litre fuel tank costs about $11.”
Finance Minister Jim Chalmers said the temporary support would “help ease the pain of petrol prices and help Australians’ living costs”.
“This extra monthly fuel discount will help Australian drivers and businesses.
“As this support decreases, the cost of living will increase,” he said.
“Alongside our other cost-of-living assistance, including greater tax relief for every taxpayer, this
Make a meaningful difference when it comes to helping Australians get along.”.
The Australian Competition and Consumer Commission (ACCC) will continue to monitor fuel prices to ensure that the excise duty reduction is fully passed on to the bowser.
Earlier on Saturday, Mr Albanese confirmed more than 50 million liters of diesel were on their way to Australia and urged residents to go about their daily business and avoid stockpiling fuel.
“My government has worked really hard to protect Australians from the worst impacts,” he said.
“We said that even though the conflict was on the other side of the world and we were not the heroes, the impact was felt all over the world, with an increase in fuel prices, the biggest the world has ever seen, and of course an impact on supply.
“We’ve worked really hard to make sure Australia remains resilient and Australia remains prepared.”
Energy Minister Chris Bowen said the country had 44 days of gasoline, 39 days of diesel and 32 days of jet fuel, the second highest stockpile since 2023.
Mr Bowen said 51 ships were currently heading towards Australia and 3.9 billion liters of fuel would be delivered over the next four weeks, including 1.9 billion liters of diesel, 586 million liters of petrol, 423 million liters of jet fuel and 948 million liters of crude oil.
“We have secured a further 50 million liters of diesel fuel through EFA, which brings the total to just under 800 million litres,” he said.
“Uncertainty remains at the international level, but this will continue to be the Albanian government’s approach, a calm approach.
“We are working carefully with our trading partners, the private sector and all Australians to ensure fuel supplies to Australia are as good as they can be under these challenging international circumstances.”
