Australia Halves Fuel Excise To Counter Global Energy Turmoil

(MENAFN- Gulf Times) Australian Prime Minister Anthony Albanese announced on Monday a 50 per cent reduction of the fuel excise, a move aimed at mitigating the impact of the global fuel crisis stemming from the escalating military conflict in the Middle East a statement, Albanese explained that the decision will reduce the cost of fuel by approximately 26.3 cents per liter. He urged citizens who can afford to use public transport to do so, in order to support fuel availability in the most vulnerable sectors and regions reduction, which will take effect next Wednesday and last for three months, will cut the excise from 52.6 cents to half Australian Treasury estimates that this measure will reduce the cost of filling a 65-liter tank by approximately $19 step is part of a broader package of measures included in Canberra's new National Fuel Security Plan, which also includes a three-month reduction in heavy vehicle tolls noted that Australia has entered the second of four phases of the plan, which focuses on planning and preparedness by monitoring global developments and ensuring the continued flow of fuel within the country Treasurer Jim Chalmers revealed that reducing the fuel tax would cost the federal budget about $2.55 billion, in addition to $53 million as a result of reducing road tolls for heavy vehicles.

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