Prime Minister Anthony Albanese announces tax cut as the price of crude oil tops $116 a barrel.

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Australia’s government will slash petrol and diesel taxes by half amid a surge in fuel prices prompted by the US-Israel war on Iran.

Australian Prime Minister Anthony Albanese made the announcement on Monday as the international benchmark for crude oil rose above $116 a barrel, its highest level in nearly two weeks, amid escalation on multiple fronts of the conflict.