Petrol prices jump 16 cents per litre as fuel excise cut ends
Key takeaways
- The fuel excise cut ended at midnight on 3 August, which means petrol prices are going to rise by about 16 cents per litre.
- The excise cut was originally a 32 cent discount, which halved in July and is now gone completely.
- What's next: Petrol prices may rise even higher as tensions between the US and Iran rise again.
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.
Right now, the Strait of Hormuz remains closed to shipping, putting serious pressure on oil prices.
Tired of overpaying for fuel?
Here are 6 tips to save on petrol
What can you do about rising fuel prices?
It always pays to compare fuel prices. As retailers adjust their prices after the excise cut ends, there are some big price differences.
The gap between the highest and lowest prices in some cities right now is higher than 20 cents per litre. That's a massive difference.
Filling up sooner rather than later might save you more. And if your tank isn't empty yet you could lock in a low price at a 7-Eleven petrol station using the My 7-Eleven app's price lock-in feature.
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