Why motorists will be charged an additional $15 to fill their tanks at the end of this month
Beginning at the end of September, fuel prices will increase by at least 22 cents per litre.
On September 29, the government’s fuel tax relief program ends.
The ACCC stated that over 200 locations will be monitored to ensure fair fuel pricing.
Australian motorists will have to pay an additional $15 to fill up a 60-litre tank by the end of the month, as the price of gasoline is due to rise.
Australia’s fuel excise tax was reduced from 44 cents to 22 cents in the March budget as a pre-election sweetener by the former Morrison administration.
As a result of Russia’s brutal invasion of Ukraine, worldwide oil prices were rising, and the generous six-month measure was enacted to alleviate cost-of-living concerns.
However, Prime Minister Anthony Albanese plans to increase the tax rate once more on September 29 after ruling out an extension of the pricey program.
There is concern that service stations would boost their rates under the pretense of the tax rise, further burdening drivers.
Treasurer Jim Chalmers issued a warning on Sunday that the Australian Competition and Consumer Commission will closely monitor businesses who increase petrol prices unfairly in the coming weeks.
Australian motorists will pay an additional $15 to fill a 60-litre tank at the pump by the end of the month, as the price of petrol is set to rise.
WHY WILL FUEL PRICES INCREASE?
The government will discontinue its fuel tax relief scheme, which reduced fuel excise from 44c to 22c, on September 29.
The 50 percent reduction cost taxpayers $3 billion.
As a result of Russia’s brutal invasion of Ukraine, the fuel relief scheme was created in March to help battle the expense of living issue caused by the soaring price of gasoline.
But the six-month period will shortly expire, and the government of Anthony Albanese is planning to increase the tax rate once more.
Families who fill up two vehicles weekly will incur an additional $30 per week, or $700 over six months.
The Treasurer stated, “I have instructed the ACCC to increase their surveillance of fuel markets to ensure that Australian motorists receive fair pricing at the pump.”
Refiners, importers, wholesalers, and retailers are on notice: the ACCC is keeping a careful check on fuel prices across the nation to ensure that any rises are acceptable.
In March, service stations in Sydney and Melbourne charged 216.5 and 212.5 cents per litre, respectively.
The excise reductions saved drivers almost $15 when filling a 60-litre tank with unleaded fuel.
However, the strategy cost taxpayers approximately $3 billion.
From September 29, the ACCC will use daily data from all capital cities and 190 regional locations to monitor for unjustified markups.
Treasurer Jim Chalmers cautioned Australian firms against unfairly increasing the price of fuel after September 29th, when government tax aid expires.
Australia’s fuel excise tax was reduced from 44 cents to 22 cents in the March budget as a pre-election sweetener by the former Morrison administration. Visible: Sydney’s traffic
It would also “increase communication with consumers about costs, including the optimum times to purchase in their area based on gasoline price cycle data.”
Mr. Chalmers has already stated that it would be extremely difficult for the government to extend the gasoline excise respite longer, despite inflation reaching 6.1% in the years leading up to June.
According to him, any tax cut will simply exacerbate Australia’s record debt, which is approaching $1 trillion.
On September 29, families who fill up two cars weekly would pay an additional $30 each week, or $700 over six months.
After ruling out an extension of the gasoline excise tax decrease program, Anthony Albanese is expected to increase taxes once more on September 29.
Mr. Chalmers stated this week, “If there’s more we can do responsibly, we will, but people shouldn’t expect that the cost-of-living relief included in the Budget earlier this year will continue forever.”
This was stated before to the election. We were straightforward… This remains our position.
Dr. Chalmers stated that his October budget may include further cost-of-living relief measures, but the gasoline cut will likely terminate as scheduled.
According to the NRMA’s weekly fuel report, which was released on Monday afternoon, the top prices for E10, Premium 95, and Premium 98 in Sydney were 206.4, 224.5, and 230.1 cents per litre, respectively.
The seven-day average price of E10 per liter was 199.9 cents.