Australia Fuel Tax Cut: Govt Slashes Petrol & Diesel Prices Amid Crisis

Australia fuel tax cut has been announced by Prime Minister Anthony Albanese to provide relief from rising petrol and diesel prices.

Australia’s government will halve the price of petrol and diesel taxes amid a surge in fuel prices prompted by the US-Israel war on Iran.

Prime Minister of Australia Anthony Albanese made this announcement on Monday as the international benchmark for crude oil went to $116 per barrel, it is highest price in two weeks, amid escalation on multiple fronts of the US-Israel conflict.

At news conference in Canberra, Albanese said the fuel excise would cut into halve from April 1 to June 30 which would be recognised of the “financial stress” caused by high energy prices.

Albanese said that this step would help to reduce the cost of petrol by 26.3 Australian cents ($0.18) per litre.

“We understand the cost pressures for people are very real as the impact of the war on the other side of the world plays out right here,” Albanese said.

Albanese added “We are acting now to be over prepared.”

Why Australia Fuel Tax Cut Was Introduced?

Australia is a major exporter of coal and natural gas, the country sources around 80% of its refined fuel needs from overseas.

Peter Khoury, a spokesman for the National Roads and Motorists’ Association in Australia, said that the tax cut would help to make a difference on the increased petrol and diesel prices.

“The Australian economy runs on diesel,” Khoury said.

“Most of our foods and services are delivered by heavy vehicles, and they run on diesel.”

Minister for Energy Chris Bowen on last week told parliament that more than 500 service stations would run atleast one type of fuel due to panic buying across the country.

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