In brief
In light of rising fuel costs and numerous petrol stations running out of supply, Prime Minister Anthony Albanese has attempted to calm fears of a fuel crisis in Australia, asserting the country's supply remains secure despite ongoing conflicts. The government attributes shortages to distribution issues rather than actual scarcity, while some regions report dramatic price increases. The Prime Minister plans to hold an emergency meeting to manage the unfolding situation.
Prime Minister Anthony Albanese has sought to reassure Australians that the country's fuel supply remains secure as prices soar and following reports of panic buying and petrol stations running dry since the start of the Iran war.
The longer this war goes on, the greater the impact will be. But we continue to act to prepare and shield Australians from the worst of it, Albanese told reporters on Friday.
There have been reports of truck drivers and other motorists stranded, while businesses say rising costs are affecting their viability.
The government says demand and distribution issues have caused shortages rather than supply, which it claims remains at the same level as before the war began.
For the next few weeks, Australia's supply of petrol and diesel and oil will be the same, if not higher, than it normally would be, Energy Minister Chris Bowen stated alongside Albanese.
In Cairns, Queensland, the BBC found a small independent garage that has run out of unleaded petrol, with the price of diesel skyrocketing to 85% above pre-war levels.
One in seven petrol retailers in New South Wales has reported shortages of at least one fuel type.
Fuel prices have surged since military actions involving Iran triggered spikes in oil costs, with petrol hitting 238 Australian cents per litre, up from 171 cents four weeks ago. Diesel prices have also reached record highs.
To combat shortages, the government plans to release oil from its national stockpile and temporarily lower fuel quality standards, while emphasizing that rationing is not currently on the table.
Following a cyclone that affected operations at significant gas plants in Western Australia, concerns about further supply disruptions have increased.
