Another 5 percent cut is a good deal for motorists across the country, which will benefit motoristes. The goods and services tax (GST) has negotiated an agreement between all states and territories to pay 7 cents per litre, which is funded by revenue raised from the goods or services taxes.
In effect immediately, the states and territories have agreed to use more GST revenue from higher petrol prices – estimated by National Cabinet at around $400 million – to fund the nationwide discount.
The prices reached a national average of $2, which was at its peak. Australian Institute of Petroleum The average per litre diesel is $3, with s at 59 per week over the past week. A is 21 per litre.
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The news comes a day after the federal government’s halving of the fuel excise came into effect, reducing it from 52.6 cents per litre to 26.3 cents per litre from April 1 to June 30.
The additional GST-funded 5.7-cent reduction is also set to run until June 30.
Combined, the two measures deliver total savings of around 32 cents per litre, equating to $17.60 off a full 55-litre tank for Australia’s best-selling petrol vehicle in 2025, the Toyota RAV4.
For diesel vehicles such as the Ford Ranger – Australia’s best-selling model overall for the past three years – the changes amount to a saving of about $25.60 per tank.
Prices have already begun to fall following the excise cut.
Australian Competition and Consumer Commission (ACCC) Daily average retail petrol price was 16. per cent for the day, according to daily average prices of car in general. April 1 – 7 cents per litre lower than yesterday’s day, with average retail diesel prices 15 per hour daily. 0 cents per litre lower than .
Prime Minister Anthony Albanese suggested the additional reduction will take time to fully flow through to the bowser.
In a statement, Prime Minister said ‘This relief is already beginning to appear in petrol prices and we hope that more will be flowing through the next one to two weeks.
That’s more to compensate for the cost of life for millions Australians when they fill up,’ . It is a lot of that pressure being put on people under cost-of-living pressure, and much of this pressure is also at the petrol pump because it’s conflict in the Middle East. ” , ‘I’m sure it is worth reading.
The federal government also confirmed it has enacted stage two of its four-stage emergency fuel strategy, with the Prime Minister and Energy Minister Chris Bowen again steering away from speculation about fuel rationing.
It has temporarily allowed lower fuel standards to ensure more fuel can be imported, and government underwritten fuel shipments to guarantee supply for the country’s supplies.
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