We’re less than halfway through the six-month excise relief period, and in some states, fuel prices have already returned to record levels.
Motorists in South Australia and the Northern Territory have set a concerning new milestone this week, with fuel prices returning to a level higher than before the 22.1-cent fuel excise cut was temporarily implemented as a way of reducing price pain at the pump.
The six-month halving of the 44.2-cent fuel excise tax, between 30 March 2022 and 28 September 2022, saw prices drop to sub-$2.00 per litre levels (for 95RON unleaded) in mid-April.
However, this looks to be a very short-lived reprieve as prices have been steadily increasing in all states, with South Australia and the Northern Territory crossing the previous high watermark for fuel prices at $2.28 and $2.10 per litre of 95RON unleaded respectively.
This is more concerning given we are less than halfway through the excise relief period, which will see a further 22.1c added to every litre of fuel around the country from 28 September.
While other states have average prices still under the pre-excise cut highs, they aren’t far off.
At $2.11 per litre (95RON), New South Wales is only 1.4 per cent away from the high point of $2.14 in March. Victoria at $2.15 per litre is 1.8 per cent shy of the high price point, whereas the ACT is still three per cent shy.
| 95RON pricing | NSW | VIC | QLD | SA | TAS | NT | ACT | WA |
| Lowest | $1.85 | $1.86 | $1.89 | $1.83 | $1.90 | $1.94 | $1.88 | $1.81 |
| Highest | $2.14 | $2.19 | $2.25 | $2.28 | $2.27 | $2.10 | $2.23 | $2.12 |
| Average | $2.00 | $2.02 | $2.06 | $2.05 | $2.09 | $2.04 | $2.08 | $1.98 |
| Latest @ 20/6 | $2.11 | $2.15 | $2.20 | $2.28 | $2.21 | $2.10 | $2.16 | $2.09 |
| VAR to peak (per cent) | -1.4 | -1.8 | -2.2 | – | -2.6 | – | -3.1 | -1.4 |
| Latest +22.1c excise | $2.33 | $2.37 | $2.42 | $2.50 | $2.43 | $2.32 | $2.28 | $2.31 |
In 100 days time the fuel excise cut will end, and at current prices, motorists will see an average price for 95-octane unleaded of $2.38 per litre.
If prices continue to rise at the current rate that they have since the lowest point on 19 April ($1.88 per litre), we’ll be dealing with prices around $2.50 per litre on September 27 and a hefty $2.72 when the excise discount ends on 28 September.
Maybe hunting down and hoarding tankers of fuel ala Mad Max wasn’t such a bad idea after all!
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