Fuel prices surge as excise tax cut ends

Petrol prices are set to increase by approximately 16 cents per litre as the fuel excise tax cut ends, adding roughly $10 to the cost of filling a typical 60-litre tank. The timing coincides with growing global oil supply risks, including Houthi attacks in the Red Sea, the depletion of strategic oil reserves by IEA member countries, and Russia's extended fuel export ban due to the Ukraine conflict. Australia currently holds 40 days of diesel reserves, established under previous and current governments, which could help manage supply disruptions for approximately six months.See omnystudio.com/listener for privacy information.