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Excise On Fuel May Not Increase Next Month As Planned

The Finance Minister has suggested planned increases to fuel excise in October may not go ahead. Mic...
Ben Finnegan
Ben Finnegan

12:16 PM - 12 Sep 2023



Excise On Fuel May Not Increas...

News

Excise On Fuel May Not Increase Next Month As Planned

Ben Finnegan
Ben Finnegan

12:16 PM - 12 Sep 2023



The Finance Minister has suggested planned increases to fuel excise in October may not go ahead.

Michael McGrath said the government is keeping an eye on rising fuel prices, which are not massively far off levels that prompted cuts in the first place.

At the end of October, the cuts are legally due to unwind - adding 8 cent to a litre of petrol and 6 cent for diesel.

But Minister McGrath says that's under review, as oil barrel prices are rising:

"Mid July it was around 70 [US dollars per barrel]. Today it's over 90 [US dollars] and that's because of supply decisions that have been made by those who control these things.

"We're not blind to that reality.

"We will consider that in the context of the Budget, which is an appropriate time to make a decision which will be well ahead of the end of October date which is currently pencilled in."



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