Australia to halve tax on petrol to bring down costs in wake of Iran war

Australia plans to cut the tax on fuel and diesel by half for three months to lower prices that have risen because of the U.S.-Israeli conflict with Iran, announced Prime Minister Anthony Albanese on Monday. This tax reduction, known as the fuel excise, will decrease fuel costs by 26.3 Australian cents per litre, according to Albanese. "We recognize that the financial strain on people is very real, as the effects of the war impact us here," he said during a press conference in Canberra. Additionally, the government will suspend the road user charge for heavy vehicles for the same three-month period. These actions are expected to cost the government A$2.55 billion ($1.75 billion).