The Albanese Government has said it is leaving the door open to a further cut to the fuel excise due to ongoing hostilities overseas.

Disputes and rising tensions between the United States and Iran are continuing to have an impact on the Strait of Hormuz. 

Australian motorists are currently getting 16 cents a litre discount from the tax relief, but that runs out on August 2. 

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Acting Energy Minister Jason Clare was asked about a possible extension during a press conference in Sydney on Saturday morning. 

“Oh, that’s a decision that government will make closer to that time,” Clare said.

“Even though there are bombs dropping on the other side of the world it is having an impact on Aussies here and now.”

The nation now has 41 days of petrol in reserve, 37 days of diesel and 33 days of jet fuel. 

Over 50 oil tankers are currently on the water and on their way to Australia.