The Australian government, led by Prime Minister Anthony Albanese, has unveiled new fuel security measures to support the acquisition of vital products affected by the Middle East conflict. Albanese, alongside Energy Minister Chris Bowen, announced plans to introduce legislation enabling the underwriting of fuel, fertiliser, and other essentials by the private sector through the existing export credit agency. Export Finance Australia will facilitate the underwriting of fuel shipments to bolster domestic supply.
Albanese emphasized that this government support would entail sourcing additional supplies from the international market, not business as usual. These measures aim to reduce financial risks for importers securing extra resources, addressing the current surge in fuel prices and shortages in regional areas. As of Saturday, Australia’s national stockpile includes 39 days of petrol, 30 days of diesel, and 30 days of jet fuel.
The Prime Minister highlighted the short-term stability of Australia’s fuel supply but acknowledged forthcoming challenges. Albanese assured proactive measures, emphasizing preparedness for potential future difficulties. Engagements with critical oil supplier Malaysia and the broader ASEAN region have been positive, with plans for a national cabinet meeting on Monday to address the ongoing fuel crisis. Opposition Leader Angus Taylor proposed a temporary halving of the fuel excise for three months, responding to reports of fuel shortages at approximately 470 service stations nationwide.
