Australian PM Anthony Albanese indicated openness to extending the temporary fuel excise cut, citing ongoing Middle East conflict impacts. A peace deal between the US and Iran to reopen the Strait of Hormuz was welcomed, but normal oil trade is expected to take months.
Australia's Prime Minister Anthony Albanese indicated the government may extend the temporary fuel excise cut to ease motorist costs, influenced by the Middle East conflict and a new peace deal between the US and Iran. The cut, initially set to end June 30, is being re-evaluated.
Australia's Prime Minister Anthony Albanese will decide on extending the fuel excise rebate next week, offering motorists relief. The decision follows a US-Iran ceasefire deal, which Albanese hopes will stabilize global oil prices, though he cautions a return to normal will take time. The rebate, costing $2.5 billion, expires June 30.
Australia's temporary fuel excise cut, reducing prices by 26.3 cents per litre, is set to expire on June 30. Despite calls for extension, the government has ruled it out, citing the need to transition away from fossil fuels. Experts predict a slight price increase, dependent on the ongoing Middle East conflict and Strait of Hormuz stability.
Italian Economy Minister Giancarlo Giorgetti announced a ministerial decree will be used to extend fuel excise tax discounts beyond their June 6 expiry, avoiding a full cabinet vote. He also stated that any available fiscal space for energy support would be carefully evaluated to aid families and businesses.
Italy's Economy Minister Giancarlo Giorgetti announced that fuel excise tax cuts, expiring June 6, will be extended via a ministerial decree, not a Council of Ministers measure. He also mentioned evaluating new EU flexibility on energy spending to support families and businesses.
India's Finance Minister Nirmala Sitharaman stated that reducing excise duties on petrol and diesel would result in a revenue loss of approximately Rs 1 lakh crore. She urged against 'fearmongering' amid rising fuel prices and global uncertainties, emphasizing the nation's economic resilience.
Italy will extend fuel excise tax cuts until the first week of June and provide support for truckers and local public transport. The government will also address the situation at the Ex-Ilva steel plant.
Australia's Prime Minister Anthony Albanese stated that the nation's supply of petrol, diesel, and jet fuel is now greater than before the Iran war began in late February. He also noted a drop in fuel demand and refused to commit to extending the fuel excise cut beyond July 1st.
