Prime Minister Anthony Albanese has declared Australia’s fuel supply secure, with 46 days of petrol in reserve, as Iran reopened the Strait of Hormuz during a fragile ceasefire. Speaking after a meeting of 49 nations discussing the vital shipping route, Albanese said Australia remained ‘prepared to provide assistance’ to ensure permanent freedom of navigation.
Global oil prices fell around 10% following Iran’s announcement, but Australians may wait a week before seeing lower petrol prices. Energy Minister Chris Bowen confirmed the 46-day reserve—10 days more than before recent conflict—and noted that wholesale and retail prices have already dropped significantly since April.
The NRMA warned that while the trend suggests further falls, a lasting peace is needed for the Strait to remain open. Meanwhile, Bowen downplayed supply fears after a fire at the Viva refinery in Geelong, saying production of diesel and jet fuel is at 80% capacity and petrol at 60%.
Foreign Minister Penny Wong and Trade Minister Don Farrell signed a supply agreement with Singapore covering diesel, petrol and LNG. Australia also holds 31 days of diesel reserves, and a temporary waiver on higher sulphur fuel content has been extended until September.
