Australia's federal fuel excise cut ends on August 3, adding 16 cents per litre to wholesale prices, with bowser prices expected to rise to $2.20 for unleaded and $2.60 for diesel. Global oil price jumps and renewed Middle East tensions are also contributing factors.
Australian motorists are buying electric and hybrid vehicles at the same rate as petrol cars, with EV sales doubling in Q2 2026, as fuel prices are set to rise again with the end of the federal government's excise reduction.
Australia's 16-cent fuel excise discount ends Sunday, expected to push petrol prices above $2/litre and diesel above $2.40/litre. Energy Minister Chris Bowen confirmed no extension, citing it as a temporary measure. Geopolitical tensions (US-Iran conflict) are also driving up global oil prices.
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.
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.
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.
