In brief
As fuel shortages grip Australia following the ongoing Iran war, Prime Minister Anthony Albanese has attempted to calm fears, asserting that the country's fuel supply remains safe. With thousands of petrol stations reporting supply disruptions due to increased demand and panic buying, Albanese announced preparations to mitigate impacts on consumers. He emphasized that the government is taking active measures to manage the situation, which includes holding emergency meetings and potentially releasing oil from national reserves.
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. Reports have surfaced of truck drivers and other motorists stranded, while businesses express concern over rising costs affecting their viability. The government attributes shortages to demand and distribution issues, clarifying that supply levels are consistent with those prior to the conflict. Energy Minister Chris Bowen stated that Australia’s petrol and diesel supply will not lessen in the coming weeks. In Cairns, Queensland, a local garage has run out of unleaded petrol and seen diesel prices rise by 85% since the onset of the Iran conflict. New South Wales retailers also report significant shortages. The ongoing tensions in the Middle East have led to steep price hikes, with average petrol costs reaching new highs. Numerous petrol stations are lacking fuel, largely due to panic buying and altered consumer behaviors. Albanese is expected to hold an emergency national cabinet meeting to strategize on managing the fuel crisis. The government has ruled out rationing but is working to alleviate shortfalls by tapping into the national stockpile. The situation is further compounded by a recent cyclone prompting outages at major liquefied natural gas (LNG) facilities, affecting global supply.
