Energy minister Chris Bowen has urged motorists not to panic-buy petrol amid the escalating conflict in the Middle East, stating that Australia has secure fuel supply through to May. The country 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 (IEA) 90-day benchmark.
Australia is the only IEA member consistently failing to meet the 90-day stock requirement, which allows the agency to trigger a collective release in emergencies. Bowen's comments follow reports of long lines at some petrol stations in major cities.
Treasurer Jim Chalmers has urged the Australian Competition and Consumer Commission (ACCC) to monitor for price gouging amid a jump in global oil prices. Oil prices have risen 10% this week, nearing $US80 a barrel, driven by US-Israel attacks on Iran and threats to the Strait of Hormuz, through which 20% of the world's crude oil passes.
Bowen confirmed he had spoken with major refining companies, who assured him contracts are in place to provide fuel through to May. He emphasised that while global oil prices will impact local petrol prices, there is no need for panic-buying.
