Amid rising tensions in the Middle East, Australian ministers have moved to allay fears over fuel shortages, urging motorists to avoid panic-buying. Treasurer Jim Chalmers reassured the public that the nation’s strategic fuel reserve would prevent any immediate risk of running out of petrol or diesel.
The reassurance follows missile strikes on Iran, one of the world’s largest oil producers, which prompted some motorists to queue for fuel. Reports emerged of costco stations running dry and long lines at other servos, sparking concerns akin to the Covid-era toilet paper shortages.
Energy Minister Chris Bowen echoed Chalmers’s sentiments, stating: “There are real challenges, but there is no need for panic-buying; that will just make the situation worse.” He drew parallels with previous irrational stockpiling behaviour, emphasising that Australia’s strategic petroleum reserve offers a robust buffer.
While the amount of crude oil refined domestically has declined in recent years, the government insists the reserve is sufficient to cover any short-term disruptions. Officials have not disclosed exact figures but stressed that the stockpile is adequate to maintain supply chains.
