Australia Ends 16-Cent Fuel Tax Relief as Petrol Tops $2 a Litre
Updated
Updated · The Guardian · Aug 2
Australia Ends 16-Cent Fuel Tax Relief as Petrol Tops $2 a Litre
3 articles · Updated · The Guardian · Aug 2
Summary
$2-a-litre petrol and $2.40 diesel are expected within days after Australia lets its remaining 16-cent-per-litre fuel excise discount expire on August 3, with Bowen ruling out an extension.
16 cents a litre added back to wholesale costs would lift a 55-litre fill by $8.80, though analysts said service stations usually take four or more days to fully pass through tax and oil-price changes.
205.6 cents in Canberra, 204.4 in Darwin and 200.5 in Hobart already put petrol above the threshold, while diesel reached 244.4 cents in Canberra and 242.7 in Melbourne before the tax reset.
Brent crude has climbed from about US$70 on July 2 to nearly US$90 as US-Iran fighting disrupted Hormuz traffic, and some analysts see US$100 oil if the conflict continues.
AMP estimates the tax change could push petrol to 210 cents a litre and add about $20 to weekly household fuel bills, even as Bowen said Australia still has 39 to 43 days of key fuel stocks.