Diesel prices in Australia remain volatile, with one in 30 service stations still entirely out of diesel, according to Energy Minister Chris Bowen. As of Monday, 3.4% of stations had no diesel, including 142 in New South Wales, 51 in Victoria, and 38 in Queensland. Wholesale diesel prices plummeted by about 20 cents per litre on Wednesday but surged roughly 10 cents higher over the following five days, Australian Institute of Petroleum data shows.
Meanwhile, unleaded petrol prices have fallen significantly due to the Albanese government's fuel excise cut and state governments returning GST on petrol sales. In capital cities, petrol prices dropped nearly 32 cents per litre over the week to Monday, with Adelaide seeing a 35.4-cent fall to an average of 224.1 cents per litre. Unleaded is now selling for about 226 cents per litre on average in Sydney, Melbourne, Brisbane and Hobart.
Minister Bowen urged Australians not to participate in a social media trend of filling fuel tanks with cooking oil, warning against the potentially dangerous practice. However, he noted the government has invested $1.1 billion in developing biofuels from animal fats and vegetable oils, stating biodiesel "has got a great future" and could lower emissions while boosting economic activity for farmers.
The government continues to work on securing fuel supply, with Prime Minister Anthony Albanese engaging directly with international counterparts. Bowen confirmed no contracted ships have been cancelled, extra orders are being delivered, and supply is secure through April and into May. The government is also exploring new powers to underwrite fuel and fertiliser purchases.
Global crude oil prices remain high, with West Texas Intermediate surpassing US$115 before settling above US$111 on Monday, following threats by Donald Trump regarding Iran. Bowen declined to comment on Trump's remarks but said Australia wants to see an end to the war and is grateful for support from south-east Asian partners as reliable energy suppliers.
