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Prices to jump at the bowser as fuel excise cut ends tonight
The excise cut was designed to "take some of the sting out of the cost-of-living pressures", the Treasurer said. (ABC News: Adam Griffiths)
Drivers can expect a price increase at the petrol pump following the end of the federal government's fuel excise cut from midnight tonight.
At the same time the rate will also undergo its twice yearly inflation indexation.
From April 1 the fuel excise was reduced from 52.6 cents a litre to 20.6 cents a litre, a 32 cents per litre discount to wholesale fuel prices which was due to end in July.
The support measure was then extended to August 2. However, the excise rate was lifted to 36.6 cents a litre, meaning the discount at the pump was reduced to 16 cents a litre.
Petrol prices on track to top $2 a litre as Bowen sounds death knell for fuel excise relief
Petrol now costs more than $1.90 a litre in every capital city, with diesel expected to exceed $2.40 a litre
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Petrol prices could surpass $2 a litre and diesel $2.40 in coming days, after the government’s 16-cent discount ends on Sunday.
The 32-cent per litre reduction in fuel excise, introduced in March at the peak of the fuel price spike, was halved to 16 cents in July.
The excise will return to its normal level on 3 August, adding 16 cents per litre to the wholesale prices paid by service stations.
Chris Bowen, the energy minister, told reporters on Saturday the government would not extend the temporary cost-of-living relief.
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Petrol price rises again
Petrol is nudging $2 across Sydney and motorists are bracing for a further hit with the last of the government's fuel excise cuts to go.
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