A recent agreement with states and territories has led to a further reduction of 5.7 cents per litre in fuel excise. The aim was to provide immediate relief to drivers and businesses. However, it took three days for average unleaded petrol prices to drop to $2.23 per litre from $2.46. Meanwhile, diesel prices have been slower to adjust, currently averaging $2.97 per litre, down from $3.07 prior to the excise cut. Premium 98 petrol has also seen a decline, with prices falling approximately 22 cents to an average of $2.52.
The timing of these price changes varies by petrol station, as many had to sell their existing stock purchased at the previous excise rate before implementing the new pricing. Following the excise reduction, the Australian Competition and Consumer Commission (ACCC) has stated that it will closely monitor petrol prices in both metropolitan and regional areas, ensuring that reductions are fully passed on to consumers. ACCC Chair Gina Cass-Gottlieb emphasised the organisation’s commitment to investigating any deceptive practices related to pricing.
The reduction in fuel prices comes as a relief to many, especially truck drivers like WA’s Heather Jones, who reported a staggering 81 per cent increase in fuel costs since early March. Fuel now comprises about two-thirds of her operating costs, a significant rise from a third, causing immense pressure on her business. Jones expressed the mental strain the fuel crisis has introduced, with constant financial monitoring affecting her peace of mind.
The situation underscores the broader impact of rising fuel costs on the trucking industry, leading to concerns over drivers’ mental health. The Healthy Heads in Trucks & Sheds foundation highlighted the toll such financial stress takes on truck drivers. Jones reflects the anxiety many operators feel, as they constantly evaluate their finances while on the road. The hope is that the recent excise cut provides tangible relief for all affected motorists and businesses soon.