State and territory leaders are expected to appoint a fuel tsar to oversee potential supply issues triggered by the Middle East conflict, while extra petrol and diesel will be released to regional areas experiencing shortages.
Prime Minister Anthony Albanese is convening a snap national cabinet meeting on Thursday 19 March to discuss major price shocks and shortages driven by the US-Israel war on Iran.
Leaders will decide on a dedicated person to monitor the fuel situation.
“The key here is to make sure that we get the fuel to where it is needed, because in some parts of Australia … it’s available, but in other parts there are shortages,” he told ABC radio.
“One of the things that I’m doing is bringing together state and territories today to make sure that we take up every practical option there is to shield Australian households from the impact.”
The Prime Minister said it was wrong for any corporation to profiteer off the conflict and pointed to the consumer watchdog examining any abuse of market power.
It comes as an agreement to release extra petrol and diesel to regional areas suffering critical shortages was reached between Energy Minister Chris Bowen and Australia’s fuel companies this week.
The deal was discussed at a roundtable convened by Transport Minister Catherine King, two sources familiar with the meeting said, but it is yet to be formally announced by the government.
Agriculture Minister Julie Collins said there was a “clear picture” of regional areas that most need fuel stockpiles to flow through, but the scale of the issue was still being worked through.
“We’ve got a clear picture at the moment about where we think it needs to go… but we are… looking and undertaking, as you would expect, due diligence,” she explained.
Ms Collins said the government was still compiling the data but had a list of the most affected regions.
State leaders are demanding faster action and a long-term plan from the Commonwealth to deal with fuel shortages.
NSW Premier Chris Minns said the gathering was an opportunity to deal with the challenges around fuel supply, particularly the availability of diesel.
On top of allowing companies to release a week’s worth of petrol and diesel from their emergency stockpiles, the government has eased quality standards to allow more fuel into the market.
The Australian Trucking Association (ATA) has called for disaster funding to be provided to transport companies, which are dealing with the rising cost of diesel, and a reduction in the road user charge.
Logistics companies have warned they’re under significant pressure from fuel price rises, which will likely be passed on to shoppers.
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