Australia Extends Fuel Excise Cut by One Month

Australia. The Australian government has announced an extension of the fuel excise duty cut period by one more month. Prime Minister Anthony Albanese issued a statement on Sunday stating that the fuel excise duty exemption of 16 cents per liter will remain in effect from July 1 to August 2.

The current exemption of 32 cents per liter will be halved during that period, and after August 2, the full excise duty rate of 52.6 cents per liter will be reinstated. To mitigate the impact of the global oil crisis and rapid increase in fuel prices caused by the conflict in the Middle East, the Australian federal government had cut the excise duty by 26.3 cents per liter for three months starting April 1.

During that period, state and regional governments had agreed to provide an additional relief of 5.7 cents per liter. Prime Minister Albanese, in a joint statement with Treasurer Jim Chalmers, Energy Minister Chris Bowen, and Transport Minister Catherine King, said that gradually withdrawing the fuel excise duty cut would provide relief to citizens facing the pressure of rising living costs.

The statement said, "The excise duty cut period has been extended because it will take time for economic and fuel market stability to be restored." They acknowledged that despite a significant drop in petroleum product prices recently, the general public is still under economic pressure.