The consumer watchdog is warning service stations to pass on fuel excise cuts as soon as possible, as the opposition leader calls for greater transparency on the fuel crisis.
After criticising Prime Minister Anthony Albanese for making a national televised address, Mr Taylor's made his own three-minute statement on Thursday night.
He took credit for pressuring the government for temporarily cutting the fuel excise from 26.3c, which was announced on Monday, as the conflict in the Middle East continues and the Strait of Hormuz remains shut.
"The only thing the government has fuelled is confusion, yet the government deserves credit for adopting the coalition's policy to slash the fuel tax, even if it did so belatedly," Mr Taylor said.
"But in a crisis, Australians deserve a government that's transparent and gives you the facts every day.
"The prime minister and treasurer must use the upcoming budget not just to respond to this crisis, but to set our country up for the future."
Before Mr Taylor's statement, Mr Albanese also announced a further 5.7c-a-litre reduction off their fuel, which will last until June 30.
Fuel prices have already started to fall after the initial cut went into effect on Wednesday.
As of 8am AEDT on Thursday, data from FuelWatch Australia showed average unleaded 91 prices were 21c cheaper in Sydney and 24c cheaper in Melbourne than they were on Tuesday.
Diesel prices were 16c cheaper in Sydney and 25c cheaper in Melbourne.
The Australian Competition and Consumer commission issued a warning to fuel retailers not to delay passing on the excise cuts.
"We are concerned that pricing changes may be used to obfuscate a failure by retailers to fully pass on the reduction in the excise and, if that is the case, we will take appropriate enforcement action," watchdog chair Gina Cass-Gottlieb said.
The watchdog said legal notices had been sent to some distributors, asking them to stack up their reasons for imposing fuel surcharges in some locations.
Before Mr Taylor's address, the opposition leader criticised Mr Albanese's and said it "could have been a social media post".
Mr Albanese defended his decision to call for calm in a fuel crisis in a televised national address, saying he wanted to speak to Australians directly to combat misinformation.
In the speech, the prime minister warned there might be difficult times ahead and urged people to go about their Easter long weekend as normal.
He urged people to consider getting public transport instead of driving and told motorists heading on road trips over Easter to take only as much fuel as they needed.
In a National Press Club speech that followed, Mr Albanese said he chose to broadcast the address to curb misinformation online.
"People ... used to get their information from Seven or Nine or ABC or Ten or SBS ... and there would be a consistency about it," he said.
"Now they're getting it on their device - it's telling them all sorts of things that aren't true."
He said he understood Australians' fears when they heard about the economic impacts of the fuel crisis, but reassured the response would not be reminiscent of stringent COVID lockdowns.
He also announced a $1 billion fund to help businesses affected by the conflict, and said the money would be dispersed through interest-free loans.