When the fuel excise tax halving ends Thursday, motorists have just two days to fill up their cars before petrol and diesel prices start rising by up to 25 cents a liter.
A six-month cost-of-living relief, a central plan in the Morrison government’s pre-election budget, will expire Wednesday night as originally planned, and taxes will be reintroduced the next day.
The temporary reduction in the fuel excise tax represents savings for motorists of 22.1 cpl since it was introduced in late March.
However, factoring in the indexation for inflation and the additional GST, the tax recovery would increase the cost of both petrol and diesel by about 25 percent.
This equates to a surcharge of $15 for a 60 liter gas tank and $20 for an 80 liter tank.
But Federal Treasury Secretary Jim Chalmers said that with more than 700 million liters of “lower excise tax fuel” on hand when taxes return, Bowser prices won’t skyrocket completely overnight. announced the forecast of
Instead, it is expected to take several days for the impact to fully flow to petrol pumps in the capital, and longer in rural towns.
Dr. Chalmers has defended the Albanian government’s decision not to extend excise tax cuts last month, arguing that the measure had already cost the country $3 billion amid a national debt of over $1 trillion.
“I don’t think[that]will change easily,” Dr. Chalmers said Monday.
“I know a lot of people would like it otherwise, but we can’t afford it.”
Liberal lawmaker Bridget Archer has lashed out at the reaction, accusing the Albanian government of “not taking any practical action to address the rising cost of living” since winning elections in May.
Noah Petrilli, who refueled with partner Angelic Lorimer on Monday, told West that he commuted from Baldivis to Fremantle every day and spent about $70 a week on gas.
“I just got[a driver’s license]this year and it feels like the worst time to actually get one,” he said.
“The fact that the excise tax cut ends this week is clearly not the best and I’m not really happy about it, but that’s the reality.”
The Australian Competition and Consumer Commission (ACCC) closely monitors the behavior of petrol retailers for “uncharacteristic or unusual price movements” that may indicate gouging or collusion.
When the fuel excise tax was halved on March 29, the impact on Perth’s terminal gate (or wholesale) prices was almost immediate, but it took about five days for the discount to be fully reflected in the pumps. rice field.
A resurrection of the fuel tax will inevitably hit drivers in their lower back pockets as global oil prices plummeted to their lowest level since January.
The collapse has been fueled by fears that a sharp rise in interest rates in economies around the world aimed at controlling inflation will trigger a global recession and weaken demand for energy commodities.
International benchmark Brent crude fell below $85 on Monday after surpassing $120 in March shortly after Russia’s invasion of Ukraine.
Gasoline averaged 155.7cpl across Perth on Tuesday, slightly closer to the midpoint of the city’s biweekly price cycle.
Average prices are usually expected to continue falling for another week before jumping next Wednesday.
Wholesale petrol prices in Perth on Monday, bought and paid for in bulk by retailers, were 144cpl, the lowest since last December.
https://www.perthnow.com.au/news/wa/perth-petrol-prices-wa-drivers-urged-to-fill-up-now-to-beat-25cpl-fuel-tax-hike-as-excise-ends-c-8363131 Perth gas prices: Washington state drivers urged to top up gas now to beat 25cpl fuel tax hike as excise ends