Australia to guarantee fuel imports amid Middle East crisis, Albanese govt announces plan

Sydney (The Uttam Hindu): Amid the ongoing Middle East crisis, Australia has taken a major step to secure its fuel supply. The government led by Prime Minister Anthony Albanese has announced new fuel security measures to tackle potential shortages.

Along with Energy Minister Chris Bowen, Albanese said in Sydney that a bill will be introduced in the federal parliament on Monday. The proposed legislation will allow Export Finance Australia to guarantee purchases of fuel, fertilizers, and other essential goods on behalf of the private sector.

Albanese explained that the government will use Export Finance Australia to guarantee fuel shipments arriving by sea, which will help increase domestic supply. He clarified that this support will not apply to regular business transactions but only to additional supplies available in international markets. The move is expected to reduce financial risks for importers securing extra fuel supplies.

These measures come at a time when fuel prices across Australia are rising sharply, and shortages are being reported in regional areas. According to officials, the country currently has reserves of about 39 days of petrol, 30 days of diesel, and 30 days of jet fuel.

Earlier, Albanese stated that while short-term fuel supply remains stable, conditions could become more challenging in the coming months. Addressing a press conference in Canberra, he said the government is working “day and night” to prepare a strong response plan.

The Prime Minister also mentioned ongoing discussions with Malaysia and the broader ASEAN region, which are key suppliers of oil to Australia. A national cabinet meeting on the fuel crisis is also scheduled.

Meanwhile, opposition leader Angus Taylor has urged the government to temporarily halve fuel excise duties for three months to provide relief.