The federal government is reportedly unlikely to reduce petrol prices, even as global crude oil prices continue to decline, with reports suggesting that the price difference could instead be absorbed through taxes and levies.
According to reports, despite lower international oil prices, the government is considering maintaining current fuel prices to support revenue generation and meet fiscal targets. Analysts say any potential savings from cheaper crude may be offset by adjustments to the petroleum levy or other taxes rather than being passed on to consumers.
The final decision on fuel prices is expected to be announced in accordance with the government’s scheduled petroleum price review.
