Yahoo Finance ‘Haven’t even budged’: Hundreds of servos pocketing petrol tax cut
Hundreds of petrol stations are yet to pass on the full 22 cents a litre cut to the fuel excise tax announced in the Federal Budget.
As many as 600 fuel retailers were yet to pass the tax savings onto customers and another 113 fuel retailers had not dropped their prices at all, according to research by One Big Switch and Ruckus Energy released on Wednesday.
However, the majority of fuel retailers had lowered their prices. As many as 775 had cut fuel prices by 40 cents a litre since the budget was handed down over two weeks ago.
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Some stations had slashed fuel prices by over 58 cents a litre.
As of mid-week, weekly averages were down by more than 33 cents a litre in all capitals - with the exception of Darwin and Hobart - and regional prices were down an average of 24 cents a litre.
“This is despite an unusually long and low fuel price cycle, created by the combination of fuel excise cuts and an apparent reluctance to raise prices just before Easter,” One Big Switch stated.
The Federal Government halved the fuel excise tax for six months in the 2022 Budget to reduce the cost of petrol for Australian motorists.
Motorists now pay 22.1 cents a litre in tax rather than 44 cents per litre when they fill up.
When announcing the temporary tax cut, Treasurer Josh Frydenberg warned it would take a couple of weeks for cheaper fuel to flow through to the pump.
However, the Australian Competition and Consumer Commission (ACCC) said discounted fuel would flow through to cities and petrol stations with high turnover earlier because fuel stocks were replenished in these locations more frequently.
“It’s clear that some retailers are doing the right thing but some are dragging the chain and others haven’t even budged,” One Big Switch stated.
How to find cheaper fuel
When it comes to sourcing cheaper fuel on your Easter getaway, it pays to shop around.
One Big Switch and Ruckus Energy Co released a list of petrol stations that had not yet passed on the fuel tax cuts.
For up-to-date information on fuel prices, there are several apps and government databases containing this information.
Some states and territories have mandatory fuel prices databases, including the New South Wales, Queensland, Western Australia and Northern Territory governments.
If you live in NSW, you can use the NSW government’s FuelCheck app, which allows you to plug in your postcode and find the price of fuel at nearby stations.
The NRMA also has an app called My NRMA. Comparison website Compare the Market also has a petrol price app.
Petrol Spy Australia and Fuel Map Australia are some other options.
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