Many motorists across Australia will soon see petrol prices shoot up the next time they fill their cars as cities start to reach their first new petrol cycle following the reinstatement of the full fuel excise. While more and more petrol stations in capital cities such as Melbourne and Sydney are charging around $2.14 a…

Energy experts are urging Australian motorists to fill up their cars before the government reintroduces the full fuel excise, which is expected to lift petrol prices by 25 cents (US 16 cents) a litre at the browser. The excise, which was halved by the former Morrison Government in March to help drivers deal with soaring…

An Australian Independent MP has said that Prime Minister Anthony Albanese should focus on helping Australians suffering from the cost of living crisis rather than let international affairs such as the war in Ukraine divert his attention. The comment comes after Albanese pledged $100 million in military aid for Ukraine after visiting the war-torn country…

Petrol prices have gone up for three consecutive weeks across Australia as the effect of the federal government temporarily halving fuel excise was overshadowed by global factors. According to the Australian Institute of Petroleum, the national average retail petrol prices increased 1.4 cents to $1.79 per litre (US$4.73 per gallon) in the week ending May 8….

Petrol prices in Australia surged to record highs in the week ending March 20 as the ongoing Russia-Ukraine war kept global oil prices at high levels. According to the Australian Institute of Petroleum, the national weekly average for retail petrol prices rose sharply by 14.9 percent to $2.12 a litre (US$5.94 a gallon) during the…

As surging petrol prices eat into household budgets, politicians have been trying to demonstrate their empathy with ordinary Australians with Federal Treasurer Josh Frydenberg signalling that this month’s budget will contain targeted assistance to ease the cost of living pressures. What this means is not clear. However, one widely discussed possibility is a cut in…

The Russian invasion of Ukraine, on top of the refusal of OPEC nations to increase crude oil production, pushed February prices for Australian petrol prices in the five largest capital cities to an eight-year high. The Australian Competition & Consumer Commission’s (ACCC) latest quarterly petrol report found that the daily average petrol prices in Sydney,…

The governor of the Reserve Bank of Australia (RBA), Phillip Lowe, doesn’t believe a global coordinated financial response to the Ukraine conflict is required. Lowe said that while central banks worked closely together during the Global Financial Crisis, the current situation was entirely different. “[They worked together in the GFC] because financial markets had frozen…

Scott Morrison believes Australians understand why petrol prices are going up but won’t say whether there will be help in the budget at the end of the month through a cut in fuel excise. Some parts of the country are paying well over $2 per litre as a result of global oil prices spiking due…

Australians are feeling pain at the pump after petrol prices reached record highs in recent weeks, eliciting more calls for a slash in fuel excise tax to curb the rising cost of living. The Australian Institute of Petroleum, an industry representative body, said the national average price for unleaded petrol went up another three point…