Petrol and diesel prices will increase from Thursday as the Government’s excise cuts are reversed for the first time.
As fuel prices reached record levels in March 2022, the Government announced that it would cut excise duty on petrol and diesel in a bid to bring prices down. This was later extended in September’s budget.
When it announced its cost of living supports in February, the coalition said that it would phase out the excise duty cuts gradually. The restorations will take place on June 1, September 1 and October 31.
