Kevin Morrison

By reducing the rate of the excise cut, modus won't sort of feel the pain so much.

It's also other things that have got to be considered.

I mean, it is an issue for the budget because the government receives a lot of income from the fuel excise, much more than what it receives from gas companies paying tax through the petroleum resource rent tax.

So I think that they've kind of done the right thing here.

Yeah, I mean, that's more on petrol.

I think with diesel, diesel prices were hit much harder than gasoline prices.

And that's largely reflection that the type of oil that comes out from the Persian Gulf is actually more suited to making diesel.

And that's why we saw diesel and jet fuel prices rise much more than petrol prices.

Well, I think, as you say, particularly on petrol prices, that we've seen a lot of those increases in the petrol price being eroded.

So if there is any further price fall, you know, it's going to be quite limited.

I think we've seen the bulk of the fall so far.

And but whereas for diesel, those prices probably will start to come down as we see more consistent flows of that type of oil that's used for making diesel.

And this is on the assumption there isn't an agreement and oil starts flowing.

Otherwise, if we're back to hostilities, then that's going to put upward pressure on prices.

Well, then, yeah, the fear premium is put back on international oil prices.

So we could see the Brent crude price go up again.

At the beginning of the conflict, people were saying, look, oil prices could go up to over $150 or $200 a barrel.

That never quite happened.

And one of the reasons why it didn't happen was a lot of the consuming countries like China and Japan, they dipped into their considerable reserves.

And also we had a big release of stockpiles coordinated by the International Energy Agency.