Australia moves to secure fuel supplies amid Middle East conflict

Australia has announced new measures to safeguard its fuel supply as the ongoing conflict in the Middle East drives global oil prices higher.

The government will underwrite fuel purchases by the private sector, Prime Minister Anthony Albanese said at a press conference, Caliber.Az reports via foreign media. 

“This support from the government will not be business as usual. It has to be additional supplies that are available on the international market, and it literally will be underwriting the purchase of shiploads of fuel to get here to Australia,” he explained.

Energy Minister Chris Bowen highlighted the pressure on fuel demand, particularly in rural areas.

“Demand for fuel, particularly in rural Australia, is high because agriculture is in a very busy time… and this supply is still not enough,” he said. “We are increasing supply and working in a very complicated supply chain to get the fuel where it needs to go.”

Earlier this month, the government released 763 million liters of petrol and diesel from its reserves to ease shortages for farmers, signaling an ongoing effort to stabilise domestic fuel availability amid global market volatility.

By Sabina Mammadli