Crude oil price dips undermining calls for fuel excise cut; Russia on brink of debt default as sanctions bite

Calls are growing louder for the federal government to act on the rising cost of living and to freeze or cut the excise on fuel.

That's despite a significant drop in the global oil price overnight which - at some point - should be reflected in lower prices at the petrol bowser.

So does that falling oil price undermine the push to provide pre-election relief to households with a fuel excise cut?

I speak on ABC NewsRadio