Prime Minister Anthony Albanese has provided an update on Australia's fuel security, revealing that stock levels have risen since the onset of the global energy crisis. He also confirmed a significant new jet fuel supply agreement with China.
Fuel Stock Levels Rise
Speaking alongside Energy Minister Chris Bowen in Canberra on Monday, Albanese stated that Australia now holds 43 days of petrol, 38 days of diesel, and 31 days of jet fuel. These figures are all higher than those recorded on February 28, when the crisis began.
China Jet Fuel Deal
Albanese announced that Australia has secured 660,000 barrels of jet fuel from China, despite Beijing's export restrictions. 'After discussions between myself and Premier Li, and confirmation following Foreign Minister Wong's visit to China, we have secured some 660,000 barrels of jet fuel for Australia,' he said. 'All of that is good news for Australia.'
The agreement is part of broader efforts by the government and industry to stabilize supply chains amid ongoing global disruption.
Volatile Outlook
Despite the improved outlook, Albanese warned that the situation remains volatile, particularly due to disruptions affecting global shipping routes. 'We know this is volatile and uncertain times,' he said. 'When the conflict ends, that doesn't mean that the economic tail concludes.'
More updates to follow.
