Prime Minister Anthony Albanese has revealed that the government will gain new authority to assist private fuel importers in a bid to tackle rising fuel prices and reduce panic buying. These changes, effective from Monday, will permit the government to utilise public funds to support the purchase of fuel, as well as essentials like fertiliser.
Albanese expressed his commitment to ensuring that Australia remains well-prepared for future challenges, stating, “I want to keep our people, our economy, and our nation moving.” He confirmed that discussions are underway with both local and international fuel suppliers to secure additional fuel shipments necessary for maintaining supply across the country.
The government plans to leverage Export Finance Australia to underwrite fuel cargo purchases directed at enhancing Australia’s fuel supply chain. Albanese noted that this assistance will not be business as usual; rather, it will involve securing additional supplies that are currently available on the international market.
He also addressed concerning footage circulating online of individuals hoarding fuel in jerry cans, labelling such actions as “not the Australian way”. He urged Australians to consume only what they need, underscoring the potential dangers of excessive fuel storage: “It’s not sensible…it can be dangerous.”
Minister for Climate Change and Energy, Chris Bowen, supported the Prime Minister’s observations, pointing out the heightened fuel demand in regional areas during this peak season. He acknowledged that while supply is gradually increasing, it remains insufficient to meet current needs, mainly due to the complexities of the supply chain and rising costs in a volatile market. Bowen reported that Australia currently has approximately 1.6 billion litres of petrol, equating to around nine days’ supply, alongside 2.7 billion litres of diesel.
As the situation in the Middle East intensifies, Bowen cautioned that Australians should remain vigilant about fluctuating fuel prices. He emphasised the need for continued efforts to deliver fuel efficiently, especially to regional communities, as the demand persists.
The government’s proactive approach aims to stabilise fuel supply and mitigate the impact of global disruptions, ensuring that Australians have access to essential resources without fear of hoarding or shortages.