Sydney, March 28: Australia is feeling the impact of ongoing conflicts in the Middle East. To address the oil crisis, Prime Minister Anthony Albanese’s government is taking decisive action. The government has announced new fuel security measures to secure the purchase of essential goods affected by the ongoing turmoil in the region.
Prime Minister Albanese and Energy Minister Chris Bowen informed reporters in Sydney that a bill will be presented in the federal parliament on Monday. This legislation will allow the existing Export Credit Agency to guarantee the purchase of fuel, fertilizers, and other essential items from the private sector.
Albanese stated, “To put it simply, we will guarantee the purchase of fuel coming in on ships using Export Finance Australia. This will increase fuel supply in Australia.” He clarified that this government support will not be a standard business process; it will only include additional supplies available in the international market.
He mentioned that these new measures will reduce the financial risks for importers who ensure additional supplies.
According to the news agency Xinhua, these measures are being implemented at a time when fuel prices are soaring across Australia, leading to significant shortages in regional areas.
Bowen reported that as of Saturday, Australia’s national reserves contained 39 days’ worth of petrol, 30 days’ worth of diesel, and 30 days’ worth of jet fuel.
Previously, Prime Minister Albanese noted on Friday that the short-term fuel supply situation in Australia looks promising, but conditions may become more challenging in the coming months.
Addressing a press conference at the Parliament House in Canberra regarding the deepening fuel crisis, Albanese stated that the government is “working around the clock” to prepare a robust plan to face any future challenges.
Albanese also mentioned positive dialogues with Malaysia, a key oil supplier to Australia, and the broader ASEAN region.
On Monday, Albanese will convene a national cabinet meeting to discuss the fuel crisis.
Earlier, Opposition Leader Angus Taylor urged the government to temporarily halve the fuel excise for three months.
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