Fuel excise halved and a national security plan: what Labor’s changes mean for the price of your petrol

Prices at a petrol station in Sydney on 30 March, 2026. Labor will halve the fuel excise to reduce costs for motorists due to the war in the Middle East. Photograph: David Gray/AFP/Getty Images

Anthony Albanese has announced a series of new measures designed to steer Australia through the growing global energy crisis and fallout from the war in Iran.

After a meeting of the national cabinet on Monday, the prime minister announced a cut to the fuel excise and released a new, four-stage fuel security plan to manage supply, agreed by the states and territories.