The fuel excise will be slashed by 50 per cent for six months to ease cost of living pressures for motorists.

From Wednesday, the 44.2 cents per litre fuel tax will drop to 22.1 cents, with the savings expected to flow to bowsers in the next two weeks.

The Morrison government estimates the average household with one vehicle will save about $300 over the six months.

SAVINGS PER TANK:

* Small hatchback - $9.72 ($8.84 excise, 88 cents GST)

* Mid-sized SUV - $14.59 ($13.26 excise, $1.33 GST)

* Large 4WD - $19.45 ($17.68 excise, $1.77 GST)

THE EXCISE CUT:

* Unleaded petrol - 44.2 cents to 22.1 cents

* Diesel - 44.2 cents to 22.1 cents

* LPG - 14.4 cents to 7.2 cents

Australian Associated Press