PM to Meet State Leaders as Fuel Supply Fears Grow and Further Action Looms

Prime Minister Anthony Albanese will meet with state and territory leaders tomorrow as concerns deepen over Australia’s fuel security, signalling that the federal government is preparing to take additional steps to shield the country from global market turmoil.

Fuel prices have surged worldwide following Iran’s blockade of the Strait of Hormuz, a critical passageway for nearly 20 per cent of the world’s oil. The federal government has warned the disruption could push inflation into the “mid‑to‑high fours”, depending on how long the conflict drags on.

In response, Australia has already released six days’ worth of petrol and five days of diesel from its emergency reserves as part of a coordinated international effort. Last week, the government also temporarily relaxed fuel standards, allowing domestic refineries to divert more supply into the local market.

Labor maintains the current pressure on prices is being driven by demand spikes rather than supply shortages, while the opposition continues to argue the government must do more to protect households and businesses from global shocks.

Addressing the Australian Automotive Dealer Association today, Mr Albanese said the government was ready to take “further action in the days ahead”, underscoring the urgency of the situation as fuel markets remain volatile.