Finance Minister confirms no extension to fuel tax cut

Finance Minister Grant Robertson has confirmed there will be no extension to the fuel tax cut that was introduced to alleviate the cost of living in March last year.

The 25 cent discount on petrol and equivalent cut on Road User Charges will no longer continue past the end of June.

Initially, the fuel tax cut was only supposed to run until the end of January 2023, but later extended to the end of February and now midway through the end of this year.

Robertson told NewstalkZB that the cut has come to an end because the Government wants to get its Budget back to surplus.

That means we can expect to see premium petrol prices rise above $3 per litre once again, at least according to what AA principal policy adviser Terry Collins said in a recent Stuff article.

Prices for regular 91 octane are currently hovering around the $2.40 mark while premium 95 octane is around $2.65.