Australia Extends Fuel Excise Relief as Fuel Costs Rise During Iran War
Government Measures to Address Rising Fuel Costs
Extension of Fuel Excise Relief
SYDNEY, June 21 (Reuters) - Australia will extend fuel excise relief for an additional month, Prime Minister Anthony Albanese said on Sunday, as the country continues to grapple with higher fuel costs during the Iran war.
Details of the Relief Package
The government would "extend fuel excise relief for another month, making petrol and diesel 16 cents per litre cheaper versus normal prices for July, saving Australians around A$11 per tank", Albanese said in a statement.
Support for Cost of Living
"This is more temporary support that will help take the sting out of petrol prices and help Australians with the cost of living," he said.
Previous Government Actions
The centre-left government had already halved the excise on fuel and diesel and removed a heavy road user charge for three months until the end of June to help households deal with higher prices at the fuel pump, sparked by the war in the Middle East.
Domestic Fuel Reserves and Supply Challenges
Extension of Domestic Reserve Measures
Sunday's announcement followed last month's move to extend a measure that releases petrol and diesel from domestic reserves until September. It was due to expire in July.
Impact of Global Conflict on Local Fuel Supply
Australia, which imports most of its fuel, has experienced localised shortages during the U.S.-Israel war against Iran that broke out in February. Some 20% of the world's oil was shipped through the Strait of Hormuz before the war choked supplies.
Economic Outlook and Government Response
"We know that families are still under pressure, and we also know that the impact of this conflict on the other side of the world will have a long economic tail to it," Albanese said in televised remarks on Sunday.
(Reporting by Sam McKeith in Sydney; Editing by David Gregorio)
