Motorists across the country will benefit from a further discount of 5.7 cents per litre, funded by revenue raised by the goods and services tax (GST) following an agreement between all states and territories.
Effective immediately, the states and territories have agreed to use additional GST revenue generated by higher petrol prices – estimated by National Cabinet at around $400 million – to fund the discount nationwide.
Prices peaked at a national average of $2.59 per litre over the past week, according to the Australian Institute of Petroleum, with diesel averaging $3.21 per litre.