‘Waste of money’: Motorists short-changed as petrol tax cut helps retailers fatten profits

New analysis finds that petrol retailers have used fuel excise cuts to fatten their margins. Photo: Getty

A $2.9 billion fuel tax holiday designed to ease record-high petrol prices has failed to deliver for many motorists because oil companies fattened their profit margins, new analysis has found.

Figures from Fueltrac show the gap between wholesale and retail petrol prices widened in many cities after the petrol tax was halved in March – and did so again in July.