Overview
- Treasurer Jim Chalmers confirmed late Wednesday that the temporary fuel excise discount will end at midnight on Sunday 2 August, finalising the taper the government began in July.
- The relief was introduced in April to blunt Middle East-driven price shocks and was reduced from an initial about 32 cents per litre to 16 cents this month before being withdrawn.
- Drivers should expect petrol prices to rise by a few cents per litre from Monday, with the exact increase varying by service station and timing of existing fuel stocks.
- A Treasury briefing warned global oil supply buffers are thinner after Red Sea shipping disruptions and refinery attacks, making upside price risk more likely in the near term.
- The government says Australia holds roughly 42 days of fuel and is moving to bolster resilience with an Australia Fuel Security Reserve target, plus $4 million for a refinery pre-feasibility study.