Motorists urged to fill their tanks before fuel excise shrinks

Motorists are being urged to fill up now to cash in on cheaper petrol before the fuel excise relief halves on Wednesday.

Bowser prices have plummeted to their lowest levels since the Middle East conflict began in late February, but the 32 cents cut to excise is being reduced to 16 cents.

Drivers will still save an average of $11 per tank.

Reducing the excise by 32 cents per litre was due to end on June 30.

However, from July 1 to August 2, the cut will be lowered to 16 cents per litre after the federal government opted to extend the relief.

Service stations have been packed in capital cities with motorists eager to cash in before Wednesday.

The current average price across Sydney of $1.52 a litre is the lowest for about five years.

The diesel price has also fallen since the early part of the US-Iran war, coming down to about $1.73 a litre.

The consumer watchdog has warned energy companies it will be watching closely for unfair price hikes at service stations.

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Australian Competition and Consumer (ACCC) commissioner Anna Brakey said it would not hesitate to take action.

“We will closely examine fuel price movements and market behaviour, both in the lead up to and following the increase in fuel excise,” Brakey said.

“We will not hesitate to take action if retailers make false or misleading statements about price movements or if there is evidence of anti-competitive behaviour.”

The ACCC has also asked fuel retailers to be clear and transparent in their communications to customers and able to validate any claims made, including those in relation to prices.