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Australia to Amend Export-Finance Laws to Boost Fuel Security, PM Albanese Says
Legislation aims to support fuel suppliers amid market volatility, with Australia holding 39 days of petrol and 30 days of diesel reserves, officials said.
- Prime Minister Anthony Albanese announced Saturday the Australian Government will introduce legislation on Monday to underwrite private sector fuel purchases, enabling the export-finance agency to underwrite shipments and bolster supply.
- Australia faces localized fuel shortages as the Middle East conflict disrupts global supply chains; Energy Minister Chris Bowen noted that while six shipments were cancelled, new orders have replaced them.
- Diesel prices in the five largest cities hit 303.5 cents per litre on Friday, rising 27.8 cents in one week; Minister Bowen said Australia retains 39 days of petrol and 30 days of diesel reserves.
- Opposition Leader Angus Taylor urged the government to "get serious about taking action" and halve the 53 per cent fuel excise, arguing his proposal would reduce costs by 26 cents a litre.
- An emergency national cabinet meeting scheduled for Monday will coordinate further responses to the fuel crisis, as officials emphasize that current measures aim to be "over prepared" amid uncertainty about international shipments.
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Government to use taxpayer funds to underwrite cost of petrol
The Albanese government will use public funds to bring down the cost of fuel in a bid to reduce prices at the pump and secure Australia's supply.Fuel is running low or out entirely at hundreds of petrol stations around the country, with the cost of diesel well over $3 a litre and unleaded petrol sitting at around $2.60.Ahead of a meeting of state and territory leaders today and a national cabinet meeting tomorrow, the federal government has ann…
·Australia
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New powers on fuel security in Australia announced | Midday News Bulletin 28 March 2026
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·Sydney, Australia
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Total News Sources16
Leaning Left4Leaning Right3Center4Last UpdatedBias Distribution37% Left, 36% Center
Bias Distribution
- 37% of the sources lean Left, 36% of the sources are Center
37% Left
L 37%
C 36%
R 27%
Factuality
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