How much is the fuel excise in 2024? The latest fuel excise rise takes effect on Monday 5 February 2024 and sees the excise rate increase from 48.8 cents per litre to 49.6 cents per litre.
While 0.8 cents is by no means a dramatic rise, the latest increase will mean close to $40 in total excise costs per tank for a large SUV with an 80-litre fuel tank
"As of today, at an national average retail price of 197.2 cents per litre, we're paying 49.6 cents per litre in fuel excise and 17.9 cents per litre in GST – so roughly 67.5 cents a litre, or 34 per cent of the average retail price, in federal government taxes," explained Mark McKenzie, CEO of the Australasian Convenience and Petroleum Marketers Association (ACAPMA).
"So the government is taking just over a third of the price we pay at the pump."
