After weeks of pressure over surging petrol prices, the federal government has cut the tax on fuel in half.
It’s a three month measure which will cost the budget $2.5 billion, part of the government’s four-point plan to respond to the war in the Middle East’s impact on global fuel markets.
Brent crude oil prices are continuing to rise, and have surged around 60 per cent since the war began over a month ago.
Energy analysts say Australia is very vulnerable because it’s at the very end of the fuel supply chain.
With the war likely to go for longer than expected, the key for government is to ensure fuel keeps coming into the country.
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