Australian drivers are set to face a steep price jump at the bowser as the 16c a litre fuel excise cut comes to an end at midnight on Sunday.<\/p>\n
The cost-of-living relief measure was helping Australians cope with financial pressures amid the Middle East war, leaving many bracing for the end of the multibillion-dollar fuel tax discount on the weekend. <\/p>\n
The cut initially subsidised 32 cents off each litre of petrol, before it was dropped to 16c in July.<\/p>\n
While the change will take effect at midnight on Sunday, the price impacts can take about a week to hit consumers. <\/p>\n
During such transitions, the Australian Competition and Consumer Commission (ACCC) monitors retail fuel prices to ensure providers do not gouge consumers. <\/p>\n
Treasurer Jim Chalmers has reiterated people should not expect the fuel excise should continue beyond the weekend after multiple extensions of the cost relief.<\/p>\n
Resources Minister Madeleine King had earlier said the government \u201cwon\u2019t rule out\u201d the possibility of continuing the fuel tax cuts on Tuesday. <\/p>\n
One day later, Mr Chalmers said the government had \u201cmade it really clear on a couple of occasions that fuel excise relief (would) taper off on Monday\u201d. <\/p>\n
\u201cAs I\u2019ve made clear and as the Prime Minister and others have made clear, it was never the government\u2019s intention for that to be permanent,\u201d Mr Chalmers said during a press conference on Friday. <\/p>\n
\u201cOne of the reasons why we extended it at half the rate is because we have always intended for that to taper off.\u201d<\/p>\n
The Treasurer said he planned to \u201ctaper\u201d the discount at the start of July to smooth out the transition. <\/p>\n
The cost-of-living measure was implemented after the Middle East conflict erupted in late February, placing sustained pressures on the supply chain of fuel across the glob.<\/p>\n
Prior to the conflict, Australians were forking out 52.6 cents of tax for every litre of fuel pumped. <\/p>\n
A 60 per cent discount was subsequently introduced in April as the US-Iran war flared up and the Strait of Hormuz intermittently closed. <\/p>\n
Initial fuel excise cuts decreased the rate to 20.6 cents per litre for everyday Australians. <\/p>\n
Since then, the Reserve Bank of Australia cited rising fuel prices as a factor driving headline inflation, estimating the excise cut would reduce it by 0.5 percentage points. <\/p>\n
Australians were driving less, considering electric vehicles changes and struggling as the fuel price index jumped from 94.35 in February to 125.29 in March, increasing by a dramatic 32.8 per cent. <\/p>\n
Petrol consumption consequently reduced by seven per cent in April and 10 per cent in May when compared to sales in previous year. <\/p>\n
As of 26 July, the average petrol retail price sat at 182.3 cents per litre, an amount which is likely to increase as the change filters down the supply chain. <\/p>\n","protected":false},"excerpt":{"rendered":"Australian drivers are set to face a steep price jump at the bowser as the 16c a litre…\n","protected":false},"author":2,"featured_media":836266,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[399605,408285,20377,408248,397877,408254,408273,166114,408280,381793,408244,408284,377373,408282,402468,408255,382292,408247,408246,408239,11275,408264,382524,408262,9356,64,301503,408274,27621,63,408267,9461,99,32092,408265,30164,408257,226736,408269,408245,388913,222959,51380,39598,35431,281768,408249,408275,30020,256247,408243,25356,383964,381753,408283,30132,37309,13052,377394,408250,187436,408272,408256,1861,5520,408258,408278,408259,9074,13972,408281,265432,15927,408253,8825,408252,4961,408276,392917,408251,408266,392039,376537,408279,408263,408270,85485,408241,215379,408277,381804,408268,408242,408261,23023,391370,408240,408260,408237,383419,408271,270070,384093,408238,402668,376950,377051,383961,388963,390502,383976,22514,379782,50850,28333],"class_list":["post-836265","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-s-intention","tag-0-5-percentage-points","tag-20377","tag-125-29","tag-16c","tag-182-3-cents","tag-20-6-cents","tag-166114","tag-32-cents","tag-52-6-cents","tag-94-35","tag-a-60","tag-a-couple","tag-a-dramatic-32-8","tag-a-factor","tag-a-litre-fuel-excise-cut","tag-a-press-conference","tag-a-steep-price-jump","tag-a-steep-rise","tag-about-a-week","tag-accc","tag-an-amount","tag-an-end","tag-another-fuel-price","tag-april","tag-au","tag-aussie-drivers","tag-aussie-motorists","tag-aussies","tag-australia","tag-australian-drivers","tag-australians","tag-business","tag-cent","tag-cent-discount","tag-consumers","tag-each-litre","tag-effect","tag-electric-vehicles-changes","tag-every-litre","tag-everyday-australians","tag-february","tag-financial-pressures","tag-friday","tag-fuel","tag-fuel-excise-cut","tag-fuel-excise-relief","tag-half-the-rate","tag-headline-inflation","tag-hormuz","tag-initial-fuel-excise-cuts","tag-july","tag-late-february","tag-litre","tag-many-bracing","tag-march","tag-midnight","tag-monday","tag-mr-chalmers","tag-multiple-extensions","tag-newswire-news","tag-occasions","tag-one-day-later","tag-people","tag-petrol","tag-petrol-consumption","tag-petrol-price-hike","tag-previous-year","tag-prices","tag-providers","tag-retail-fuel-prices","tag-rising-fuel-prices","tag-sales","tag-such-transitions","tag-sunday","tag-sustained-pressures","tag-tax","tag-the-16c","tag-the-australian-competition-and-consumer-commission","tag-the-average-petrol-retail-price","tag-the-bowser","tag-the-change","tag-the-conflict","tag-the-cost-relief-resources-minister-madeleine-king","tag-the-cost-of-living-measure","tag-the-cost-of-living-relief-measure","tag-the-cut","tag-the-discount","tag-the-end","tag-the-excise-cut","tag-the-fuel-excise","tag-the-fuel-price-index","tag-the-fuel-tax-cuts","tag-the-glob-prior","tag-the-government","tag-the-middle-east-conflict","tag-the-middle-east-war","tag-the-multibillion-dollar-fuel-tax-discount","tag-the-pinch","tag-the-possibility","tag-the-price-impacts","tag-the-prime-minister","tag-the-rate","tag-the-reasons","tag-the-reserve-bank","tag-the-start","tag-the-strait","tag-the-supply-chain","tag-the-transition","tag-the-treasurer","tag-the-us-iran-war","tag-the-weekend","tag-this-weekend","tag-treasurer-jim-chalmers","tag-tuesday"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/836265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=836265"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/836265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/836266"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=836265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=836265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=836265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}