- The Australian Government?s excise fuel levy halving is set to end on 28th September.
- Australia?s average fuel price soared to $2.20/l in July.
- Russia?s invasion of Ukraine has helped drive fuel prices higher.
A trip to the local servo is tipped to bring even more pain for consumers with the Australian Government?s excise fuel tax halving set to end this September.
With the price of fuel already sky high the full levy of 44.2c/l will return from September 28.
The halving of the excise fuel tax has helped ease pain at the pump in recent times but without the halved levy, Australians will bear the full brunt.
The average fuel price nationwide in the second week of July was $2.20/l, compared to just $1.42/l for the June quarter of 2021.
Australia?s watchdog is investigating a number of petrol retailers who were dobbed in for not passing on the halved 20c/l fuel excise from when it first came into effect.
The war between Russia and Ukraine as well as sanctions imposed by the US and EU has helped cut global oil supply whilst putting a rocket under global fuel prices.
Since the outbreak of the war in February, consumers have seen the price of fuel soar over 70%.
The average price of crude oil has risen from US$39.69/barrel in 2020 to US$68.17/barrel in 2021 and US$101.68/barrel in 2022.
The one-line takeaway: Fuel prices are at record highs and will hit Australian motorists even harder in September when the excise levy halving ends.