Prime Minister Anthony Albanese will travel to Singapore this week for talks on fuel security, as Australia’s petrol prices stop falling and diesel costs rise again. Singapore is Australia’s largest source of petrol, and the visit, originally planned for later in the year, has been brought forward amid global supply concerns.
Albanese spoke to China’s Premier Li Qiang on Tuesday night, and a readout said the two leaders agreed to increase government-to-government communication to support regional energy security. The Prime Minister said fuel would be on the agenda in Singapore, with discussions on securing trade in petrol, diesel and liquefied natural gas.
Fuel shipment prices have held at historic highs in the five largest cities. Wholesale unleaded prices stopped falling on Tuesday after a drop of about 40 cents a litre since 26 March, including the government’s 32-cent fuel excise cut. Diesel terminal prices have risen 10 cents a litre after a brief reprieve following the cut.
US President Donald Trump reiterated threats to target Iranian civilian infrastructure if negotiations to reopen the Strait of Hormuz fail. He also criticised Australia, saying it “didn’t help” with efforts to secure shipping routes. The federal energy minister, Chris Bowen, said only 3% of petrol stations (241 outlets) had run out of diesel as of Tuesday, with 125 in New South Wales.
Albanese thanked Australians for conserving fuel over the Easter long weekend, noting few cancellations. The government reports stockpiles of 39 days of petrol, 30 days of jet fuel and 29 days of diesel. Opposition leader Angus Taylor renewed calls for daily fuel supply data and a long-term plan for onshore drilling.
