Australia Halves Fuel Tax Cut to AUD 0.16/Liter From July After US-Iran Hormuz Strait Deal

Following the U.S. and Iran's agreement this week to reopen the Strait of Hormuz, the Australian government announced it will cut its temporary fuel tax relief in half. The subsidy, which has provided a AUD 0.32 per liter (approximately USD 0.22) reduction on petrol and diesel since March, will be reduced to AUD 0.16 per liter from July.
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