The Australian Federal Government has just slashed its lucrative fuel excise for six months, providing a gift of 22c/ litre to retailers from March 29.
The ACCC has assured the public that they will be policing margins by fuel retailers, with fines of up to $10 million dollars for engaging in false or misleading conduct.
The excise cut is designed to put around $11 back into the pockets of motorists for every 50L of fuel they put in their cars.
The lowered prices may be weeks in coming, however, as outlets burn through fuel purchased at higher rates over the last few weeks.
Federal Treasurer Josh Frydenberg said the fuel excise cut could save families with two cars $700 over the next six months.
The NRMA has released a statement saying that there is no law to compel retailers to pass on the excise cut.
What do you think? Will the price drop back down to 2021 levels soon? We sure hope so. The price of a cross-continental journey has certainly gone up by several thousand dollars no matter what you’re driving. That’s going to have wide reaching impacts on tourism, freight and the entire economy if the government doesn’t effectively police these changes. Comment below and let us know what you see on the horizon…