The NRMA says the key to relief at the bowser is the stabilisation of global markets rather than extending the fuel excise cut.

This week, an oil refinery in South Korea caught fire leading to a $10 jump in the price of a barrel of oil.

The temporary cut to the fuel excise is set to expire in September and the NRMA doesn’t think it should be extended.

NRMA Spokesperson Peter Khoury told Ben Fordham the rising cost of oil will continue throughout 2022.

“We saw about a month’s respite and then we broke the record again within the space of a few weeks.

“The upward trend of 2022 looks like it’s going to continue for some time.”

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