The Australian government will extend fuel excise relief for another month, making petrol and diesel 16¢ per litre cheaper versus normal prices for July, saving Australians around $11 per tank.
According to the government, this is more temporary support that will help take the sting out of petrol prices and help Australians with the cost of living. In addition, it will reduce the Heavy Vehicle Road User Charge by 16¢ for the same period.
“We acknowledge the contribution of the states and territories to use their GST revenue to fund a 5.7% portion of the fuel excise cut over the last three months and will seek support from the states for July at National Cabinet on Monday [today],” the government said in a statement published yesterday (21 June).
It also welcomed the agreement last week by the US and Iran, including reopening the Strait of Hormuz.
“The extension to the fuel excise cut we’ve announced … recognises that economic and fuel stability recovery will take time, and our action provides a graduated return to normal settings for the fuel excise,” says the government.
“We’ll continue to do what we can to shield Australians from the worst impacts of this conflict including securing additional fuel from our partners.
“Despite the welcome and substantial drop in the price of petrol recently, we recognise people are still under pressure.
“This extra month of fuel discount will help Australian motorists and businesses with the cost of living as this support tapers off.”
The government first announced a three-month cut to the fuel excise of 32¢ per litre back in March alongside reducing the Heavy Vehicle Road User Charge to zero and deferring the next scheduled increase by six months.
