Energy minister Chris Bowen has urged motorists not to panic-buy petrol, assuring that Australia has secure fuel supply through to May despite rising oil prices due to the Iran conflict. Bowen stated, “There is no need to rush to the service station and fill up,” emphasising that panic-buying would worsen the situation.
Australia currently holds about 36 days of petrol, 34 days of diesel, and 32 days of jet fuel in reserve, well below the International Energy Agency’s 90-day benchmark. Australia is the only IEA member consistently failing to meet this requirement, which allows for collective stock releases in emergencies.
Treasurer Jim Chalmers has asked the Australian Competition and Consumer Commission to monitor for price gouging amid a 10% jump in oil prices this week, with Brent crude nearing $80 a barrel. Long queues have been reported at some petrol stations in major cities.
Bowen noted that major refiners have assured contracts are in place to supply fuel through May, despite risks to the Strait of Hormuz, through which 20% of global crude oil passes. He acknowledged challenges but stressed that supply is in good shape.
