Reminder: Fuel excise discount ends Sunday
Fuel prices will go up an average of 16c per litre as of MondayThe News
The federal government’s fuel excise relief will officially end this weekend, inflicting a theoretical – if retailers behave – 16c-per-litre increase on 91RON unleaded petrol as of Monday. That translates to a total spend increase of around $11 on a 65-litre tank of fuel.
The Key Details
- Fuel excise back to full strength as of August 3
- Increases of 16c/L to be expected
- Correlates to $11 extra on a 65-litre fill-up
- PM has teased more fuel announcements are coming
The Finer Details
Speaking to the ABC, the prime minister said there’d be no further extension of the excise discount and that there’d be “some more announcements about fuel in the coming days and weeks”.
Odds are more funding will be allocated to the $10 billion already set aside for a fuel security plan, however he also said the government would handle other cost of living issues “as they arise”.
Oil prices spiked last week to more than $US100 ($143) a barrel last week for the first time in May, the effects of which have already been biting Aussies at the bowser: the national average price of unleaded has jumped 26c per litre so far this month while diesel has increased by 42c per litre.
The Road Ahead
At this point in time there’s no shining light at the end of the tunnel for motorists as the Middle East continues to be savaged by escalating conflict.
The federal and state governments are all working on and maintaining fuel security measures to ensure Australia doesn’t run out or face another supply crisis, but right now it’s not hard to see why EV and plug-in hybrid sales are going gangbusters, and we wouldn’t be surprised if July and August both prove record months.
Related: Fuel prices set to soar in Australia
Related: Labor blames fuel shortage on panic buying
Related: VFACTS April: Electrified vehicle sales soar
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