Australia's Fuel Supply 'Solid and Secure' Despite Price Hikes, Government Says

The Australian federal government is working to reassure motorists about the nation's fuel supply as prices climb amid renewed clashes in the Middle East.

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One thing Australians can be certain about is that our fuel supply continues to be solid and secure.

Energy Minister Chris Bowen stated that Australians can be confident in the country's fuel security, noting that current reserves are higher than before the recent escalation of the conflict. "One thing Australians can be certain about is that our fuel supply continues to be solid and secure," he said.

Bowen reported that Australia has 42 days' worth of petrol, 38 days' worth of diesel, and 32 days' worth of jet fuel in stock. These figures are higher than those recorded on February 28th, when Iran was first bombed. Additionally, 51 ships carrying 3.1 billion litres of fuel are en route for delivery within the next month.

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I can tell you that we have 42 days' worth of petrol, 38 days' worth of diesel, and 32 days' worth of jet fuel.

Oil prices surpassed $US100 ($143) a barrel this week for the first time since May, driven by the escalating conflict between the United States and Iran and reduced output from the US. Analysts warn of sustained price pressure in the coming months. The national average price for unleaded 91 petrol reached $1.88 per litre on Saturday, with diesel at $2.30 per litre.

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All of these figures are more than we had on the day Iran was first bombed, on February 28th.

The federal government's fuel excise discount is scheduled to expire on August 2. The discount was halved this month to 16 cents per litre. While Bowen did not indicate whether the excise cut would be extended, it has not been ruled out. The NMRA spokesman Peter Khoury believes the government is keeping the option open for an extension.

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Obviously, as we've said consistently, we want to see the situation in the Middle East return to normal.