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(Bloomberg) — The impact of Australia’s move to halve tax on retail fuel prices will take time to filter through to consumers, Foreign Minister Penny Wong said in a televised interview.
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“Service stations will obviously need to sell the fuel that has had the high excise rate before you’ll see that flow through to the bowser,” Wong told the Nine Network on Tuesday.
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A month-long conflict in the Middle East has upended the global oil trade and caused price spikes and shortages across Asia, one of the regions most dependent on flows from the Persian Gulf. Australia has seen sporadic panic buying in recent weeks, especially in rural areas, with some service stations running out of fuel ahead of the long Easter weekend — a traditional driving period.
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Australia will cut levies on gasoline and diesel by about 26 Australian cents ($0.18) per liter from Wednesday. This should reduce the cost of filling a typical 65-liter (17-gallon) sedan tank by nearly A$19, according to the government.
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Minister for Climate Change and Energy Chris Bowen said prices would remain high, given global supply concerns, so he did not expect a rush to gas stations.
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“It’s best at this point that we just really emphasise in the public communications, please buy as much fuel as you need — no more, no less,” he said in a radio interview.
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Prime Minister Anthony Albanese announced the temporary fuel excise cut at a press conference in Canberra on Monday as Australia rushes to shield consumers from the impact of high global prices. The government will also reduce a charge on heavy vehicles such as trucks and coaches for the next three months.
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