Under the Coalition’s Fuel Price Shield plan, when global oil prices surge, Australians will save 27 cents a litre at the bowser.

Federal Member for Wide Bay, Llew O’Brien MP, said rising petrol prices put immediate pressure on household budgets, particularly in regional communities where people rely on their vehicles every day.

“Every extra dollar spent on fuel is a dollar less for groceries, rent, the mortgage, bills.. the list goes on,” Mr O’Brien said.

“In regional areas like Wide Bay, people often travel long distances for work, school, medical appointments and everyday living. When fuel prices go up, families and businesses feel it immediately.

“I feel like every time I pass a fuel station, the price has increased again. For many Aussies, another $10 or $20 at the bowser is $10 or $20 they’re needing to rake up so that they can put food on the table.”

Under Fuel Price Shield, fuel excise would automatically be halved when the two-week average price of oil rises above US$100 a barrel.

At current rates, that would cut the tax on fuel by around 27 cents per litre, saving around $15 on an average tank of fuel.

While Fuel Price Shield is active, heavy vehicle operators would pay no net fuel tax, with the Road User Charge being cut from 32.4 cents a litre to zero.

“The Coalition forced Labor to halve the fuel tax in 2022. But politicians shouldn’t be controlling the price of fuel, particularly when it is reaching these astronomical levels. We need to reduce these heavy taxes and reduce the burdensome cost of living that is affecting so many,” Mr O’Brien said.

“Our Fuel Price Shield will automatically cut the fuel tax when oil prices soar. The regular tax will only return with prices return to normal levels.”

Mr O’Brien said the Coalition’s plan doesn’t stop there. There is much more to be done in terms of fuel security in Australia.

“We also need to make Australia less vulnerable to global fuel disruptions in the first place.

“Regional Australia depends on reliable fuel supplies to keep communities connected, freight moving and local businesses operating. Strengthening our fuel security is critical for both our economy and our national resilience.”

The broader fuel security plan would:

• More than double minimum fuel supply requirements to 60 days.
• Create an $800 million Australian Fuel Security Facility to support more than one billion litres of new storage capacity, with a focus on diesel.
• Launch a daily public fuel dashboard so Australians can check fuel supply levels in real time.
• Support new and prospective refining capacity and remove barriers to increasing Australian fuel supply.

“Fuel Price Shield is about instantaneous relief when Australians need it. Our broader plan to ensure Australia has the fuel and storage capacity we need.

“Aussies should not be punished every time global events push up oil prices. Our plan will help protect Australia’s families, farmers, truck drivers and small businesses from instability in oil prices,” Mr O’Brien said.