Australia faces higher fuel costs as oil price surge ends tax relief
Australia’s temporary fuel‑excise relief of 16 cents per litre expires on 2 August, prompting the road‑user charge to rise from 16.4 c to 32.4 c per litre and lifting pump prices above AU$2 per litre. Transport bodies such as the Australian Trucking Association and the Australian Livestock and Rural Transporters Association have urged the government to delay the increase, warning that rising diesel costs – driven by Brent crude breaking US$100 a barrel amid renewed Middle East conflict – will squeeze margins for long‑haul haulers and rural freight operators.
Similar pressures are evident worldwide. Ghana’s Star Oil chief cites soaring international oil prices and a weakening cedi as reasons for pre‑window price hikes. Greece has introduced targeted subsidies to keep retail gasoline under €2 per litre. New Zealand analysts forecast another 15‑20 cents per litre rise, while Portugal’s automóvel club projects diesel crossing €2 per litre. Nigeria’s deregulated market has seen petrol climb to N1 400 per litre. In the United Arab Emirates, officials are awaiting an August price decision after Brent hovered near US$100. The combined fuel‑price shock is also feeding inflation concerns and raising the likelihood of a fourth Reserve Bank of Australia cash‑rate hike at its August meeting.