The soaring cost of petrol and diesel has sparked called for the government fo cut its $20 billion fuel excise amid a political row over the cost of living.

Prices have leapt to $2.20 a litre, with some remote communities paying an excess of $3 a litre.

Prime Minister Scott Morrison hasn’t ruled out a cut, but pointed out that the rise in prices in recent months was greater than the excise itself.

Today on Please Explain, chief political correspondent David Crowe joins Bianca Hall to discuss what impact the rising cost of living will have on the March budget.