Fuel excise plan stands: Hockey

Joe Hockey is sticking with plan to reinstate fuel excise indexation despite a surge in oil prices. Source: AAP

MOTORISTS could face higher petrol prices in the next few weeks if the surge in world oil prices driven by turmoil in Iraq continues.

BUT this will not deter Treasurer Joe Hockey from going ahead with a budget measure to reinstate the indexation of fuel excise.

"You can't make long-term policy on the basis of day-to-day spikes or falls in oil prices. If you did that, you'd be ripping your hair out," Mr Hockey told reporters in Cairns on Friday.From August 1, fuel excise will rise twice a year in line with inflation, after being locked at 38.1 cents since the Howard coalition government froze automatic indexation in 2001.World oil prices have leapt to their highest level in nearly nine months on rising concerns that turmoil in Iraq will disrupt Middle East supplies.

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