Australians are set to see some much-needed relief at the petrol pump after Anthony Albanese announced the reduction of a key fuel tax for three months.
The fuel excise, a tax on petrol, will be halved, seeing petrol prices finally go down after soaring for weeks due to the supply issues arising from the Middle East conflict.
These changes and others will take effect soon, with Australians now having more certainty as to when they will pay less at the bowser.
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When will petrol prices go down?
The fuel excise cut will go into effect tomorrow on April 1.
Given it will be signed into law, it means it will have an instant impact on the cost of fuel, with Albanese claiming it would reduce the cost of petrol by 26.3 cents per litre.
Treasurer Jim Chalmers elaborated and said filling up a 65l tank with petrol would be $19 cheaper once the changes happen.
According to the latest figures released by the Australian Institute of Petroleum, unleaded petrol costs around $2.53 a litre, with diesel well over $3 a litre, which is why farmers and heavy transport industries are being hit particularly hard.
A further measure of relief is the temporary halt of the heavy road vehicle user charge, which hits truckies with a 32.6 cents per litre charge on diesel.
This will also be in place for three months.
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Why is petrol so expensive right now?
Longer term, the price of oil will continue to keep petrol prices high, and that is something out of the governments control.
Crude oil currently costs around $115 a barrel; it was sitting in and around the $65 region before the Middle East conflict broke out and impacted the Strait of Hormuz, a vital shipping lane in the region for worldwide oil trade.
Not only is oil more expensive, the volatile situation in the Middle East means it is harder for oil to get to Australia, even though the government insists supply isn't a longer-term issue at the moment.
With increased demand, more people are rushing to fill up - some even hoarding petrol - which is leading to shortages and more pain at the pump for Australians in the cities and in the rural areas.
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Are petrol stations running out of fuel?
Hundreds of petrol stations across Australia have reported running out of petrol or diesel at different points in the last two weeks.
It is difficult to ascertain the true levels, though states and territories often release daily figures of how many petrol stations are out of fuel.
Some petrol stations run out of both petrol and diesel, though some only run out of one or the other.
For example in New South Wales last weekend, 66 petrol stations were out of fuel.
However, Transport Minister John Graham said some regional areas that were low on fuel previously had been resupplied.
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How long will these petrol prices last?
As mentioned before, the only way we will see prolonged relief at the pump will be when the price of oil drops.
That almost exclusively hinges on the fate of the Middle East conflict, which shows no signs of slowing anytime soon.
NSW Premier Chris Minns cautioned his state to prepare for long-term disruption as a result of the war.
"I am not seeing any indication that this will be resolved in 30 days," Minns said.
"I don't know whether it is going to be over in a week, or whether it's going to be a prolonged situation... but we have got to prepare for every eventuality."
How many days of petrol does Australia have left?
Energy Minister Chris Bowen insisted Australia still has a month of supply of petrol, and said shipments are still coming in despite some cancellations.
Briefing parliament yesterday, he said the country has nine days' worth of petrol, 30 days' worth of diesel; and 30 days' worth of jet fuel.
Bowen said any shipments that were cancelled have been more than properly replaced, as he looks to ease fears of a drop in supply.
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