Australian motorists are bracing for more pain at the bowser as the fuel excise cut looks all but certain to end.
Drivers can expect to pay 22.1 cents per litre more for their fuel than they currently are when the excise cut expires at the end of September.
But despite economists tipping that inflation could reach as high as 7.2 per cent before the year is out, the federal government is declining to extend the measure.
he former Coalition government, in its final budget in March, slashed the fuel excise in half from 44.2 cents per litre for a six-month period.
It was designed to take the sting out of rising global petrol prices – and it worked.
According to the Australian Institute of Petroleum, the average cost for a litre of petrol was 179.1 cents on February 21 – three days before Russia invaded Ukraine.
Within a month, on March 21, that was up to 212.5 cents – an almost 20 per cent increase.
The fuel excise cut came into effect at the end of the month with the warning it would take a few weeks to have an impact.
By the last week of April, the cost of fuel nationwide was down below 170 cents per litre.