It hasn’t taken long for the benefit of a cut in fuel excise to be wiped out by stubbornly high global oil prices and a weaker Australian dollar impacting on imports.

Motorists are already forking out $2 per litre again, despite the halving of the excise for six months as part of a $8.6 billion cost of living package in what has proved to be Josh Frydenberg’s last federal budget on March 29.

AMP chief economist Shane Oliver says it highlights how the fuel tax cut can easily be overwhelmed by swings in the oil and petrol market.

“Now we have little to show for it; the ATO has lost the revenue it would have raised and it’s going to be really hard to raise it in September,” he said.

As counting continues following Saturday’s federal election and with Mr Frydenberg possibly losing his Victorian seat, the incoming Labor government says it has no intention of extending the excise cut beyond September.

The Australian Institute of Petroleum will release its weekly petrol price on Monday.

Last week’s report showed the national average had increased to 185 cents per litre, the fourth weekly rise in a row after dropping to an average of 166.3 cents per litre in mid-April following the excise reduction.

Meanwhile, Reserve Bank of Australia assistant governor for financial markets Christopher Kent will address a KangaNews conference in Sydney on Monday.

He will discuss the next phase of the central bank’s bond purchase program, that complemented its record low cash rate during the pandemic.

In the minutes of the RBA’s May board meeting – where it raised the cash rate to 0.35 per cent from 0.1 per cent – it said it did not intend to sell the bonds under the $350 billion program which ended in February.

Instead, it intended to allow the portfolio to run down in a predictable way as bonds mature.

“While contributing to the withdrawal of monetary stimulus, this would also recognise that the cash rate remains the primary tool for achieving the desired stance of monetary policy,” the minutes released last week said.