Energy Minister Chris Bowen has called on Australian motorists to avoid panic-buying petrol, despite rising oil prices due to the conflict in the Middle East. He assured the public that the country has secure fuel supplies through to May, with refiners confirming contracts are in place.
Australia currently holds about 36 days of petrol reserves, 34 days of diesel, and 32 days of jet fuel—well below the International Energy Agency's 90-day benchmark. Australia is the only IEA member consistently failing to meet this requirement, which is used to trigger collective stock releases in emergencies.
Treasurer Jim Chalmers has urged 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 stated, 'There is no need to rush to the service station and fill up. I do understand people’s concerns, but it’s important that people know we do have a good stock of petrol in reserve.' He warned that panic-buying would worsen the situation.
The Strait of Hormuz, through which 20% of global crude oil passes, has been threatened by Iran's Islamic Revolutionary Guard Corps. Bowen confirmed he spoke with major refining companies, who assured him contracts would be honoured to maintain supply.
