Albanese Announces Record Fuel Stocks Amid US-Iran Conflict

Prime Minister Anthony Albanese announced that Australia's fuel reserves have reached a record 6.5 billion litres, the highest volume since mandatory stockholding rules began three years ago. The reserves include 46 days of petrol, 39 days of diesel, and 34 days of jet fuel. To further stabilize supply, 55 ships carrying an additional 3.2 billion litres are scheduled to arrive over the next four weeks.

These measures respond to an escalating war between the United States and Iran that began in late February. The conflict has seen Iran close the Strait of Hormuz, cutting off roughly one-fifth of the global oil supply and disrupting shipping in the Red Sea. Market volatility spiked recently after U.S. President Donald Trump announced the reinstatement of a blockade on Iran, driving Brent crude prices up 9.6 percent to $US83.30 a barrel.

To manage the crisis, the Australian government implemented a National Fuel Security Plan, reduced the fuel excise, and relaxed fuel standards. While the government maintains fuel security level two—meaning no rationing or restrictions are in place—Albanese urged motorists to avoid panic buying and purchase only what they need. He cautioned that the conflict is not yet over and that the government will continue to monitor the implications for national fuel security.