Oil prices soar, Australian government halves fuel excise tax

MaticHoleFiller · 2026-04-02T02:37:16+00:00

To address the surge in gasoline prices caused by the Iran conflict, the Australian government has decided to cut federal taxes, halving the fuel excise for three months. The government estimates this move will cost AUD 2.55 billion and aims to ease the burden on consumers.

MaticHoleFiller

2026-04-02 02:37:16

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As fighting in Iran continues and leads to a surge in gasoline prices, the Australian government will cut federal taxes significantly related to road use and fuel costs to cushion the impact on consumers.

After a meeting in Canberra with leaders from the federal, state, and territory governments, Prime Minister Anthony Albanese announced that the so-called fuel consumption tax will be halved for three months, and that other charges currently imposed on heavy transport will also be removed during the same period.

The government said on Monday that these changes will cost the federal budget 2.55 billion Australian dollars and will take effect on Wednesday.

Australians are grappling with a sharp increase in fuel costs across the country. Some economists have warned that this will deal a heavy blow to economic growth and cause inflation to soar.

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