Save 22.5 Cents Per Litre of Petrol

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From tomorrow petrol prices will be down 22.5c per litre. Worth waiting for tomorrow if you plan on filling up

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budget.gov.au

Comments

  • +10

    How is this a deal. Budget documents are now deals people

    • +7

      It’s good to know. It can save money to someone who doesn’t know

      • -2

        This is not OzGoodToKnow

    • +3

      Yeah weird hey. They are pounded for weeks about this and kept referring to budget night. Then it’s finally announced, but this has nothing to do with the budget - the budget is a plan for the next financial year. It looks like an election gift too.

    • +1

      Obligatory, where is the bargain?

  • +16

    Apparently it will take a couple of weeks until we see the lower prices though. The fuel in the tanks have already been paid for at full price.

    • +1

      Will it? When is the exise applied/paid for? At the point-of-sale (pump/bowser)? Or at refinery/wholesale/distribution?

      • +2

        Under the Excise Act and Customs Act, its either at the point of manufacture, or in the case of imported goods, at the point when the good enters into "home consumption" (a legal term, but certainly much earlier than when it enters the retailer's tank).

  • +6

    Filled the car last night.
    Hands in OzB membership card.

    • +1

      Spend the rest of your life trying to make up for it and we might forgive you

    • +4

      Actually, we won't. You'll have to earn it again by buying at least 2 items at a severe pricing error.

      • Can I apply pricing errors retrospectively?

        • No. And don't come back until you've earned your badge again.

        • If you paid by CC, check if your card offers price guarantee

    • +1

      Can you return the unused fuel for a refund and then rebuy when the price drops?

  • Don’t forget $450 back from tax mate

    • +4

      Only if you earn up to 126k a year which should exclude a lot of ozbargainers because we're all 150k+

      • -2

        the extra 450 kicks in straight away just added to the initial 255

        • No it doesn't. Its a tax offset you will only receive when you complete your tax return after July.

      • not me !!!…i wish .i just get a scabby carers pension for looking after my dad full time ..

    • That’s in almost 18 months time isn’t it? FY22-23 tax offset.

  • +5

    No it wont. Next few weeks depending on stock levels.
    The petrol in the tanks have already had the tax paid on it so it is in the next delivery i have been told.

    • +2

      When tax increases, funny how prices go straight up despite what they have in their tanks!

      • I can understand (but not necessarily agree with) one of the arguments for that:

        If you've got a tank of petrol purchased at $1.00 per litre, and the price is now $1.50 per litre, your next delivery is going to cost you 50% more. Do you wait, take the hit on next delivery and recoup that money over the sale of that tank; or do you adjust your price immediately and have the funds on hand to cover the increased cost of your next delivery? Now do this with a product you get delivered ~weekly but the price fluctuates daily (or worse).

        If you wait, and then jack your price up when you get your next (more expensive) delivery, whats going to happen to your sales when your competitor across the road got their delivery a few days earlier at a reasonably cheaper rate (say $1.20 per litre). Assuming they're pricing same as you (cost+ after delivery), you're now trying to sell the same product for 25% more than your competition literally next door… good luck.

        Adjusting the price to suit the current rate makes business sense, especially when your competitors are doing the same. Part of the reason for the slow decreases is that they still need to recoup the costs of the fuel they're selling, which was purchased at the higher rate.

        Saying all of the above, I do think that the fuel industry needs to be looked at, but I don't think the issue is at point-of-sale. And the sooner we can stop burning dead dinos to push our boxes on wheels, the better.

  • +17

    Desperate tactic to stay in power. They'll be forever be arguing how Labor wants you to pay high petrol prices now.

    • +3

      Yeah it’s a pretty bad election booby trap. It’s also bad economics, from what I’ve read. Like why not just give the lower tax brackets a tax break?

      Alan Kohler showed retail spending graphs on the news finance section tonight and it’s booming, higher than it’s been for ever. So someone has money to spend.

      • thats for february month

        consumer sentiment slumped to lowest ever since

  • +1

    This isnt a deal, it'll take 2 weeks for it to take effect anyway

    • +1

      yet when there is a whiff of a crude oil price increase, magically the increase at the bowser can happen in a matter of hours.

  • +5

    next payment coming out is
    all marginal seat voters get 2k. called the vote for liberal benefit

    • +1

      Yes I am a little surprised that the fuel tax reduction does not only apply to petrol stations in marginal seats.

  • +12

    The oil companies will just up their prices by 20c

    • +2

      This. That margin won't be flowing through.

    • Nit like the old 4c/litre discount for E10, but we only saw 1-2c/litre.

  • Yeah as if the servos will actually pass it on….and we end up paying somewhere else..worst deal ever.

    Just like banks passed on every interest rate cut….

  • Tax cuts are not discounts

  • As others have said, it's not going to hit tomorrow and it will depends on the fuel company as to how much they pass on and when

  • Provided the fuel companies pass it on and don't pocket the extra coin. Youre a liberal voter if I ever saw one

  • Moneys aren't donkeys!

  • +1

    I WANT TO YELL HERE TOO!!

  • and these are the clowns we are giving $1500 to.

  • lol this was such a smart political game move, since it's a temporary cut and they know for sure that opposition would need to end it, then everyone will just give them the finger and blame them.

  • Dont think it'll be reflected tomorrow, but in 2 weeks time.

  • +9

    This government has nfi. How long do they honestly think it will take the fuel companies to keep fuel prices low wink before everyone realises our tax money is going straight back into their pockets as profit. If you believe the fuel companies won't do this you have rocks in your head for voting for this incompetent government lol

    • +5

      Wonder when Joe Public is going to get over this patronizing crap from ScoMo. Instead of cutting 22c they could have use the excise to push adoption of BEVs, PHEV or hybrids to drive up the fuel efficiency of the fleet, leave the gas guzzlers to those who make it a lifestyle choice.

      • I can't believe all the lefties let you get away with this post.

        • Election is getting called next week. The lefties have a lot bigger fish to fry.

  • +2

    Get your chopper ready!!!!!!!!!!!!!

  • +1

    Always a reason to raise. Never a reason to lower.

    • raise what? petrol?

      dont forget only 2 yrs ago it was below $1

      • Yeah and every second week they were talking about how its going to blow out due to covid increase etc. Petrol companies have always been ripping us over.

        • And the government refuses to regulate the industry. Even with this 30c reduction, watch it "creep" up slowly a few cents here and there.

  • According to Fuelwatch, for WA I can confirm that the OP is full of baloney

  • SUV sales are going to go to the moon tomorrow, the show rooms will be packed.

  • +1

    I just took delivery of my Tesla ;(

    • Should have got a high yield investment instead

  • Its going to take a month to show up at the bowser even though immediately applied .

    • +2

      Why is ur browser so slow?

      Are you using internet explorer?

      • Umm?

        • One month for bowser to update is slow!

      • Netscape

  • Optimistic and ill informed. Is like seeing RBA cut rate by 25bp and saying all lenders will lower their home loan rate.

  • +1

    The real question would be why the heck retailers would still be allowed to keep fuel @ hiked up prices, ACCC should take action against all servos who do not pass the fuel excise cut to consumers

    • +1

      ACCC is still sorting all the ozb complaints about Gerry

  • +1

    As a higher rate tax payer, I can assure you this is costing me more than I'm saving

  • +2

    Can’t believe the government is borrowing money to cut fuel tax.
    These clowns used to have a reputation for economics. Flushed away completely.

  • +1

    The feds are trying to manipulate the market to buy votes.

    Do they really think that Australians are plebs that can be bought for $0.225 p/l. 😆

    • +5

      Yes. And they probably will be bought.

    • You would be surprised.

    • Do they really think that Australians are plebs that can be bought for $0.225 p/l

      I want to say no…..I want to believe no…..
      But yes, yes they probably can.

      • A lot are ‘bought’ which is quite sad really.

    • Do they really think that Australians are plebs that can be bought for $0.225 p/l. 😆

      Yes

      Funny how 20 cents a litre is still a huge increase from a while ago. it's like when houses "crash" 1%. Zoom out.

  • +1

    Think I might ‘buy’ up some petrol, then I can move on @ a tidy profit in six months or so!

  • Any savings in petrol costs will go towards replacing tyres after hitting the potholes they can no longer afford to fix.

    • 🔧 by driving less.

  • How long is it down for and how are they going to put it back? They wont want to lose the revenue forever especially given our current deficit. Will it start climbing again a few cents at a time or is it going to go back in two or three lumps once we are used to paint $2/l.

    • Set your ⌚ to 1 second pass midnight after the votes have been counted.

  • This is terrible short term policy to buy votes from a party looking at electoral wipeout due to incompetence.

    It may not not even bring prices down by 22.5c due to variable exchange rates, variable price of oil per barrell and if servos choose to raise prices to gain extra profit.

    The LNP have really run out of ideas and are too lazy to fix massive structural problems in the economy to seriously fix cost of living pressures.

    • Hope the ACCC are keeping an eye on prices. But agree, fuel is such a volatile price there most likely won’t be an overnight drop of 22.5c. In the last few weeks it’s varies by that much, and more. Locally gone from $1.80 to $2.20 and now just under $2.

    • assume the tax cut will correspond with the price cycle increase of …oh 22 cents?

  • +1

    Bread and circuses. Will anyone actually fall for it?
    Answer YES!

    • We've certainly been seeing the Political Circus, but I fear that they are giving us empty white bread.

  • This cut in revenue makes me bullish on hard assets more than ever.

    Every country in the world should do the same.

  • I filled up yesterday. Moderator, plse send me to the Sin Bin. Hang on……Cancel that…….The Bunker has just ruled that reduction may take up to 2 weeks to filter down.

  • Fuel excise tax is paid at the terminal gate. So expect to see the drop in 1 to 3 weeks.

    • Only passed on about 12.5c dicount.

  • Prices should be down by more than 22.5c because the GST will be less.

  • Taking this tax off is no point.The money has to come from somewhere.

    • The great wonders of MMT.

  • When NZ did it they did the legwork and it went down at midnight the day of the announcement by working with the oil companies. With a government that rorts and lies it is no surprise they couldn’t do that in a much longer time.

  • Lol @ LNP tugging at fuel price strings in the hope of winning back voters. Too little to late.

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