By Parker McKenzie
Residents in the Yarra Valley can expect to petrol prices drop, with the Federal Government cutting the fuel excise by 22c a litre in an effort to combat rising prices of fuel around Australia.
During his 2022 budget speech on 29 March, Federal Treasurer Josh Frydenberg announced the fuel excise tax was cut in half from 44c to 22c for six months, as a temporary measure to reduce the impact of rising petrol prices.
Mr Fydenberg said events abroad — like the Russian invasion of Ukraine — have pushed the price of petrol up.
“A family with two cars who fill up once a week could save $30 a week or around $700 Over the next six months,” he said.
“Whether you’re dropping the kids at school driving to and from work, visiting family and friends, it will cost less.”
Mr Frydenberg said the cut in fuel excise will take effect from 12am Wednesday 30 March.
“This cutting fuel excise which takes effect from midnight tonight will flow through to the browser over the next two weeks,” he said.
“The competition watchdog will monitor retailers to make sure that the site savings are passed on in full.”
The cut in fuel excise was one of several initiatives the Federal Government announced in an effort to reduce the “cost of living” for Australians.
$12 billion was also allocated in the budget towards road funding.
