Treasurer Jim Chalmers has ruled out cuts to the fuel excise amid fears petrol prices are set to soar due to the conflict in the Middle East. Chalmers hit back at Wilson for claiming the government collects more money when fuel prices increase, accusing him of 'intentionally lying'. 'Excise revenue does not increase when petrol prices increase. This could mean petrol prices in Australia rising by between 25 cents and $1 per litre, depending on movements in the Australian dollar and refinery margins. At the upper end of that range, fuel prices in many cities could climb towards — and potentially exceed $3-a-litre.

Source: Daily Mail March 04, 2026 18:45 UTC