26 cents, slight relief for motorists

Pain at the bowser will ease slightly with the federal government halving the fuel excise by 26.3 cents 1 April for three months. The halving of the fuel excise on petrol and diesel is expected to reduce the cost of a 65-litre tank of fuel by almost $19. Prime Minister Anthony Albanese said the spike in fuel prices as a result of the war in the Middle East is hurting Australians and causing financial stress and this will help to provide some relief. The halving of the fuel excise will commence from April 1 and run to 30 June. The government will reduce the Heavy Vehicle Road User Charge to zero for three months to help truckies continue their vital work for our nation. It will also defer the next scheduled increase in the Heavy Vehicle Road User Charge by six months. Australians are encouraged to use public transport wherever possible to help conserve fuel for the regions, and we welcome existing moves to cut the costs of public transport. The Australian Competition and Consumer Commission (ACCC) will continue to monitor fuel prices to help ensure that the lower excise rate is fully passed on at the bowser. While Australia’s fuel supply outlook remains secure in the near term, the longer this war goes the worse the impacts will be. "We are acting now to prepare and shield Australians," Mr Albanese said. "Since the conflict commenced four weeks ago the Albanese Government has taken swift action on fuel. We have: * passed new laws to double penalties for petrol companies for price gouging; * appointed a national Fuel Supply Taskforce Coordinator and Taskforce; * released 20 per cent of Australia’s petrol and diesel fuel reserves, targeted at regional areas; * changed fuel standards to get more fuel flowing; * changed diesel standards so Australia’s refineries can supply more diesel; * tasked the ACCC to ramp up fuel price monitoring and issue on-the-spot fines; * engaged with international partners to keep supply flowing, including securing a supply agreement with Singapore; * introduced laws to make sure companies pay truckies fairly when fuel prices spike; and * and introduced legislation to underwrite the purchase of fuel by the private sector. A National Fuel Security Plan was also released on Monday. The Prime Minister said he and cabinet members continue to engage key international counterparts to help ensure the continued flow of fuel and diesel shipments to Australia from our trade partners. "We will continue to keep Australians updated on these discussions and developments," he said. "The Australian Government will be announcing more measures to prepare the nation for supply chain challenges over coming days and weeks." The federal opposition called on the government to halve the fuel tax on Friday.