Crude oil prices have risen sharply as a result of the war in Iran, with knock-on effects for gasoline and diesel worldwide.
In Australia, a fuel excise of 52 Australian cents per litre is levied on petrol sold at the pump, and this tax will now be halved for three months.
"We are reducing fuel prices today because we recognise that Australians are under great pressure," Albanese said.
The tax cut is scheduled to come into effect on April 1 and is estimated to cost taxpayers the equivalent of approximately SEK 16.6 billion, according to the Australian public service broadcaster ABC.
