In Brief
- Energy Minister Chris Bowen said Australia has fuel security through in August.
- Petrol prices around the country have dipped to near pre-war levels.
Australia is currently maintaining a robust fuel reserve, sufficient to last nearly three months, as petrol prices at the pump have decreased to levels close to those before the recent Middle East conflict.
According to Energy Minister Chris Bowen, the reserves consist of 43 days’ worth of petrol, 36 days of diesel, and 30 days of jet fuel, with additional millions of litres on their way by sea.
Minister Bowen expressed confidence in Australia’s fuel security amidst global disruptions, stating, “Australia is performing exceptionally well despite the ongoing tensions and supply challenges impacting countries worldwide.”
He further noted, “Our current fuel levels are higher than they were on February 28th, when the first bombings in Iran occurred.”
In May, over 90 fuel-laden ships docked in Australia, surpassing the typical monthly average of 81 arrivals.
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Another 50 are on their way, with 3.5 billion litres of fuel expected to be delivered over the next four weeks.
That consists of 1.8 billion litres of diesel, 512 million litres of petrol, 468 million litres of jet fuel, and 709 million litres of crude oil.
“We also have the situation now that we can say fuel is secure through June and July, and now well into August as well,” Mr Bowen said.
Average petrol prices across the nation’s largest cities have fallen to near pre-Iran conflict levels in the past week, but they’re set to rise at the end of the month when the federal government’s temporary fuel tax discount ends.
The average price of petrol on Wednesday was $173.30 cents per litre in Sydney, $175.60 in Melbourne and $176.20 in Brisbane, according to the Australian Competition and Consumer Commission.
On 20 February, about a week before the conflict in the Middle East escalated, the average price per litre was $165.20 in Sydney, $176.10 in Melbourne and $188.80 in Brisbane.
The day before the federal government temporarily cut the fuel excise by half on 31 March, the price was $257.40 in Sydney, $259.10 in Melbourne and $258.70 in Brisbane.
Diesel prices have also dropped, but they’re still well above pre-conflict levels.
The average price of diesel per litre on Wednesday was $206.70 in Sydney, $214.50 in Melbourne and $214.20 in Brisbane.
That’s down from $321.80 in Sydney, $324.40 in Melbourne and $322.70 in Brisbane on March 31, but higher than the average prices on February 20 of $174.30 in Sydney, $178.90 in Melbourne and $179.70 in Brisbane.
Mr Bowen confirmed the temporary 50 per cent cut to the federal fuel excise that reduced the tax on petrol and diesel by 26.3 cents per litre would end on June 30 as planned.
“But of course, we’ll continue to monitor the situation, and we’ll always act in the best interests of Australians, based on the evidence before us,” he said.
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