Energy experts have warned that major fuel suppliers including Malaysia and South Korea could cut exports to Australia to prioritise local needs. The warning comes as Energy Minister Chris Bowen conceded some service stations are running out of stock and governments have powers to ration petrol if supplies are severely disrupted.
Malaysia, Australia's top source of crude oil, reportedly stated it would prioritise its own needs before considering overseas demand. Bowen said he was not aware of any cuts to Australian imports from Malaysia, noting the country produces more fuel than it needs. However, energy finance analyst Kevin Morrison described the warning as 'really significant' given Australia's heavy dependence on Malaysian petroleum products and crude oil.
Morrison said there was an obvious risk that other major suppliers, including South Korea, Japan and India, would also prioritise domestic use. Professor Vinh Thai of RMIT University raised similar concerns, noting reports that India and Vietnam were worried about keeping their citizens and industry supplied with enough fuel.
Bowen ruled out any immediate prospect of fuel rationing, but acknowledged governments have powers should supply be severely disrupted. In New South Wales, at least 107 petrol stations had no diesel and 42 had no fuel at all. Premier Chris Minns said the government was preparing for every eventuality but declined to discuss contingency plans publicly.
