Fuel prices continue to rise

By May 26, 2022 News

Despite the reduced fuel excise which was implemented March 2022, prices have begun to rise again.

Prices across Australia have continued to rise with some motorists paying more than $2 for a litre.

Earlier this year, amidst record breaking price highs the fuel excise was halved from 44.2c per litre to 22.1c per litre in an attempt to combat the steep increases. The reduced excise is set to stay in effect until September 2022.

Warren Clark, the chief executive of the National Road Transport Association has voiced his concern for the freight and transport industry as the high prices continue placing the industry under more pressure.

“If we can’t get the price of fuel down, or we can’t keep the fuel excise where it is, then I would say there would be many, many people that won’t be able to continue in business.”

The Australian Competition and Consumer Commission (ACCC) currently monitors fuel prices, costs and profits and reports on these each quarter. The ACCC can compel refiners, importers, terminal operators, wholesalers and retailers to provide information relating to fuel prices where necessary.

“If retailers make false or misleading statements to consumers that they have passed on the savings when they have not, the ACCC will not hesitate to take appropriate enforcement action,” ACCC Chair Gina Cass-Gottlieb said.