There is no end in sight to price pain at the petrol pump with multiple Federal Government frontbenchers ruling out another excise cut, despite the average cost of diesel nearing $3 a litre and petrol above $2.30.

Deputy prime minister Richard Marles on Sunday said the Government was not considering a repeat of the excise cut to help motorists as pump prices surge because of Middle East tensions impacting the Strait of Hormuz.

“Again, we’re not considering that,” Mr Marles said.

“What we are focused on is these other cost of living measures and managing the budget in the most prudent way possible.

“We are facing a challenging international environment. There is no hiding that.

“But Australians are doing it tough. And we will work with Australians to get through this.”

It came after Environment Minister Murray Watt on Saturday reminded motorists that the government’s previous cuts were always designed to be temporary.

Mr Marles said the ongoing war in Iran had reduced oil traffic in the key shipping lane and new challenges in the alternative Bab al-Mandab Strait had severely disrupted the global fuel supply chain.

Australia holds 42 days of reserve petrol supply, 32 days worth of diesel, and 29 days of jet fuel.

While that marks a three-day drop in aviation fuel from last week and a reduction from 34 days last month, Senator Watt described the jet fuel stocks as “still within normal levels”.

Rising fuel costs could cause a double whammy as major banks and economists lean towards the Reserve Bank raising interest rates when it meets on Tuesday.

It would mark the fourth hike this year for households already dealing with tight budgets.

The Australian Bureau of Statistics will on Wednesday release the monthly Consumer Price Index (CPI) indicator for the month of August, which will indicate how the RBA may approach rates decisions in the final quarter of the year.

Mr Marles said while he wouldn’t preempt the Reserve Bank move he acknowledged Australians who might be hit with higher mortgage costs were already doing it tough.

“We’ve seen really significant pressure globally over the course of this year with the war in Iran,” he said.

“Obviously we’ve seen that play out at the petrol bowser, but we’re also now seeing it in terms of global inflation and that’s being experienced in advanced economies around the world.

“Most advanced economies have experienced a rate rise in the last month.”

Liberal Senator James Paterson, however, said the Middle East wasn’t solely to blame for inflation issues in Australia.

“The government always has an excuse for why inflation is high and likes to point to external factors,” he said.

“But the Reserve Bank Governor Michelle Bullock has been clear, this is being driven primarily by domestic factors.

“Unfortunately, it is likely that we will see another rate rise and that will be devastating for Australia’s people.”

The Coalition have argued for a “fuel price shield” to be implemented, which would automatically kick in by slashing the excise in half every time a barrel of oil jumps beyond $100 for two weeks.

But deputy Liberal leader Jane Hume told ABC on Sunday that even that approach would automatically sunset after a three-month period.

“The Coalition have said that our Fuel Tax Shield will lower the excise on petrol when the Brent crude price hits $100 per barrel on average over a two-week period. Now, what this does is essentially allow for consumption smoothing, but most importantly, it takes the politics out of fuel excise.

“It’s automatically sunsetted after a three-month period, or if the Brent crude price goes down below $100 a barrel for a two-week period, so it removes the politics from the decision.”

The Coalition under former leader Peter Dutton took a pledge to the 2025 Federal Election to halve the tax on fuel for 12 months.

Already the cost of fuel is biting across capital cities, with monitoring websites showing metropolitan prices around $2.30 while regional areas continue to record some of the most expensive browsers.

Several places across regional NSW recorded petrol prices about $250 cpl while areas in northern WA were above $270 cpl.

In Perth on Sunday, Astron Swanbourne was the most pricey for petrol at more than $243.9 cpl followed by Herne Hill General Store at $241.9 cpl, while Costco at Perth Airport was the cheapest at 216.7 cpl.

Energy minister Chris Bowen visited an oil refinery in India across the weekend as he continued talks with the Asian nation and Saudi Arabia to secure Australia’s supplies.

Mr Bowen on Sunday described India and Australia as “key partners” and insisted the relationship “has never been better or stronger” with the two nations “ready to work even more closely together”.

Before the trip, Mr Bowen had announced the government would be extending the temporary reduction of the baseline Minimum Stockholding Obligation for petrol and diesel until January 31, 2027.

Under this measure, fuel suppliers are permitted to hold 20 per cent less diesel and petrol in reserves provided they release that fuel directly into the domestic market and prioritise regional distribution.

He said it would assist heightened seasonal demand, such as regional grain harvests and summer travel and allow fuel suppliers to quickly respond to potential supply spikes.

Despite US President Donald Trump telling reporters he’d rejected a deal from Iran to reopen the Strait of Hormuz, Mr Marles said he had confidence that the United States was seeking to end the conflict.

“Clearly the United States wants to see an end to the conflict. What is clear is that the global fuel supply chain is disrupted and that is having an impact on the global economy,” he said.