Key Facts

• The Australian government has been temporarily cutting the fuel excise tax to lower fuel prices during the Middle East conflict.
• This fuel excise cut and the pause on the heavy vehicle road user charge have cost the government about $2.55 billion.
• Energy Minister Chris Bowen said the fuel excise cut is planned to end on June 30 but the government might reconsider after reviewing spending.
• The peace deal between the US and Iran aims to end the conflict and reopen the Strait of Hormuz, a major channel for global oil shipments.
• Prime Minister Albanese said even after the peace deal, it will take many months for global oil trade and prices to stabilize.
• The price of Brent crude oil dropped below $84 a barrel following the peace deal, which could lower inflation and reduce interest rate hikes in Australia.
• The opposition leader, Angus Taylor, did not clearly support or oppose extending the fuel excise cut and wants to see how fuel prices develop.
• The peace deal and reopening of the Strait of Hormuz are important for global energy supply, trade, and economic stability.