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Motorists to lose fuel discount from Monday
The government's fuel discount will end on Monday. (AAP: George Chan)
The government says the scheme, introduced in April to help motorists experiencing price shock due to the war in the Iran, was never meant to be permanent.
Treasury has warned the world's oil supply has "weaker buffers" to deal with another oil shock.
Drivers will lose their fuel discount from Monday after the government officially confirmed the fuel excise relief will end as planned, despite escalating pressure on global oil prices due to the war in Iran.
The original 50 per cent discount, which knocked 32 cents off each litre of petrol, was dropped back to 16 cents from July and is scheduled to end on August 2.
Petrol back above $2 a litre in some areas – as it happened
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Petrol is back above $2 a litre and diesel prices have hit $2.40 in some cities as fuel costs race upwards.
Oil prices have steadily risen since the US resumed strikes on Iran, with Brent crude up from about US$70 on 2 July to US$87 today, while the Australian government reduced its fuel excise discount by 16 cents a litre.
Service stations have passed the higher wholesale fuel prices on to customers.
Melbourne is facing diesel prices of $2.40 a litre today, up 66 cents from their June low of 173.9c/L, according to Motormouth. Canberra is at 238c/L, Brisbane is at 234.4, Adelaide at 233.7, Sydney 232.8, and 226.4 in Perth.
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Fuel prices to rise when excise cut ends within days
Aussie motorists will soon pay more for petrol and diesel, with the federal government confirming its fuel excise discount will end this weekend.
Australian motorists will pay more for fuel following confirmation by treasurer Jim Chalmers that the federal government's current fuel excise discount will end at midnight this Sunday (August 2, 2026).
In response to record petrol and diesel prices following the outbreak of conflict in the Middle East in late February, the Australian Government halved the 52.6 cents-per-litre fuel excise in April, to ease cost-of-living pressures for three months until June 30.
The total saving reached 32 cents per litre after the states and territories agreed to contribute an additional 5.7cpl, funded by extra Goods and Services Tax (GST) revenue generated by higher fuel prices.
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