Australia's fuel excise cut ends, raising petrol prices by 16 cents

Australia's fuel tax discount ended on 2 August, making petrol and diesel more expensive. The government had cut the fuel excise by 32 cents per litre in March to help people with rising costs. It reduced this to 16 cents in July, and has now let it expire completely.

Wholesale fuel prices have already risen by 16 cents per litre. Drivers should expect to pay around $2.20 per litre for unleaded petrol and $2.60 for diesel. These higher prices will reach petrol stations within about 7 to 10 days.

Global oil prices have also gone up recently, from under $85 to around $90 per barrel. The discount programme cost the government more than $3 billion. Businesses that use a lot of diesel, such as farms and freight companies, will be especially affected.