crude oil
: unprocessed oil, oil which has not been refined
As the nation grapples with the increasing cost of fuel, economists have criticised calls for a reduction in the federal government's petrol excise.
The Sydney Morning Herald reported that International Energy Agency figures for the December quarter showed Australia had the fourth lowest petrol prices out of 29 members of the Organisation for Economic Cooperation and Development.
The tax on petrol in Australia is less than half that charged in Britain, Germany and France though more than in the United States, Canada and Mexico, the paper said.
Commonwealth Bank's senior economist, Michael Workman, told the paper it was time to look at the issue of reintroducing petrol excise indexation to inflation, removed in 2001.
[ Economists say petrol taxes too low ]
As the nation grapples with the increasing cost of fuel, economists have criticised calls for a reduction in the federal government's petrol excise.
The Sydney Morning Herald reported that International Energy Agency figures for the December quarter showed Australia had the fourth lowest petrol prices out of 29 members of the Organisation for Economic Cooperation and Development.
The tax on petrol in Australia is less than half that charged in Britain, Germany and France though more than in the United States, Canada and Mexico, the paper said.
Commonwealth Bank's senior economist, Michael Workman, told the paper it was time to look at the issue of reintroducing petrol excise indexation to inflation, removed in 2001.
[ Economists say petrol taxes too low ]
posted by Dennis @ Tuesday, June 28, 2005
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