Australia's fuel supply is currently secure for at least two months, Energy Minister Chris Bowen has said, despite warnings from analysts that major suppliers like Malaysia and South Korea could cut exports. Bowen told reporters that while some service stations are running out of stock due to panic buying, the government has not considered rationing in the immediate future.
Malaysia, Australia's top source of crude oil, has indicated it will prioritise domestic needs before exports. However, Bowen said he was not aware of any cuts to Australian imports from Malaysia. 'All the ships that we've expected to arrive have arrived,' he told Radio National.
Energy analysts have warned that the situation is 'really significant'. Kevin Morrison from the Institute for Energy Economics and Financial Analysis said there is a risk that South Korea, Japan and India will also prioritise domestic use. 'If they are facing declining crude oil supplies, they would prioritise their domestic markets over exports,' he said.
In New South Wales, Premier Chris Minns confirmed that 107 petrol stations have no diesel and 42 have no fuel at all. The state government is preparing contingency plans, including potential fuel rationing, under legislation that allows the premier to declare an 'energy supply emergency'. Minns said he is 'preparing for every eventuality' but does not want to 'jump the gun'.
Federal and state energy ministers met on Friday to discuss the situation. NSW Energy Minister Penny Sharpe has written to major fuel companies requesting historical data on storage, stocks and sales. The federal government continues to urge Australians to buy only the fuel they need.
