Explore the latest developments concerning Sydney fuel prices.
Sydney fuel prices spike as excise discount ends
Fuel prices have tipped over $2 a litre in NSW hours after the Albanese government’s fuel excise discount came to an end, triggering fresh warnings of more increases as the prolonged conflict in the Middle East threatens global oil supply.
The average price for regular unleaded passed the $2 mark on Monday morning after the fuel excise discount – delivering an approximate 17¢ saving – was withdrawn at midnight. The average national price for unleaded also rose above $2, the first time since May, according to Fuel Check.
Prices on Monday morning were 13¢ higher than what was recorded in Sydney last week. Sydney petrol prices rose by an average of 2.9¢ a litre overnight, according to the NRMA, less than the 3.2¢ recorded nationally.
Petrol prices jump 16 cents per litre as fuel excise cut ends
The fuel excise cut is no more. The tax cut aimed at lowering petrol prices in the early stages of the US-Iran War has now been removed, adding 16 cents per litre to the price of fuel.
The excise cut started at 32 cents in March, and fell to 16 cents in July. Now that the excise cut is gone, retailers will increase prices by at least 16 cents per litre in the coming days.
Unleaded fuel prices could rise to around $2.20 per litre, and prices may rise even further if tensions between the United States and the Islamic Republic of Iran continue to mount.
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With the fuel excise tax break gone, what next for fuel prices?
It was a predicted shock – but a shock none the less for drivers this morning – with the Federal Government's temporary fuel excise tax break evaporating overnight.
So how long will it take for price rises to flow through to the bowser, and what supply headaches caused by the war in Iran still exist that will affect you next tank of fuel?
Dr Lurion De Mello, senior Lecturer, Department of Applied Finance at Macquarie University
With the fuel excise tax break gone, what next for fuel prices?(AAP: George Chan)
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For more detailed information, explore updates concerning Sydney fuel prices.
