Canberra, March 27: The ongoing tensions due to attacks involving Iran and the United States-Israel have raised concerns about oil and gas supplies worldwide. Australian Prime Minister Anthony Albanese stated on Friday that while Australia’s fuel supply appears stable in the short term, challenges are expected to arise in the coming months.
During a press conference at Parliament House in Canberra addressing the growing fuel crisis, PM Albanese emphasized that the government is working tirelessly to devise the strongest possible plans and is fully prepared for any eventualities.
Albanese highlighted Australia’s positive relations with Malaysia and the broader ASEAN region, noting that Malaysia is a key supplier of oil to Australia.
Climate Change and Energy Minister Chris Bowen affirmed that the supply of petrol, diesel, and oil in the country remains steady. Bowen remarked, “The government has always recognized that there is a real and unacceptable shortage in regional Australia due to soaring demand, and it takes time to bolster domestic supply.”
To discuss the oil crisis, Albanese will convene a National Cabinet meeting on Monday. Earlier that day, opposition leader Angus Taylor urged the government to temporarily halve the fuel excise for three months.
According to a report by the Xinhua news agency, the government acknowledged on Wednesday that at least one type of fuel has run out at around 470 service stations across the country.
On March 24, the Australian Broadcasting Corporation (ABC) reported that only two domestic refineries are currently operational in Australia, with over 80% of petrol, diesel, and jet fuel being imported, primarily from Asia.
The ABC also noted that most of the crude oil used by Asian refiners comes from the Middle East, primarily transported through the Strait of Hormuz.
The report indicated that significant disruptions in global oil supply are occurring, and the market is still underestimating the timing and impact of these shocks.
It further stated that even if the Strait of Hormuz reopens, shipping insurance may not recover quickly, potentially worsening the impact on both global and Australian economies.
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My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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