Australian government cuts fuel tax to hedge against Middle East impact; Foreign Minister reminds that price reduction transmission will take time

```htmlGolden Ten Data reported on March 31 that Australia's Foreign Minister Penny Wong stated in a television interview that the impact of halving the retail fuel tax in Australia would take some time to reach consumers. Wong said, “Obviously, gas stations need to first sell the fuel that was taxed at the higher rate, and only then will you see the price cut reflected at the pump.” The ongoing month-long conflict in the Middle East has disrupted global oil trading and led to price surges and shortages across Asia, which is one of the regions most dependent on Persian Gulf oil supplies. In recent weeks, scattered panic buying has occurred in Australia, especially in rural areas, with some gas stations already running out of fuel before the long Easter weekend (a traditional peak period for road travel). Starting Wednesday, Australia will reduce the tax on gasoline and diesel by about 26 Australian cents (0.18 US dollars) per liter. According to the government, this should reduce the cost of filling up a typical 65-liter (17-gallon) sedan by nearly 19 Australian dollars.```