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‘Ready for what may come’: Australia to scour the globe for extra fuel

Mike Foley - March 28, 2026

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Emergency laws will be rushed into parliament on Monday in an urgent bid to boost Australia’s fuel stocks, and importers will be given unprecedented government backing to scour the globe for increasingly rare and expensive shipments of petrol, diesel, crude oil and fertiliser.

The Albanese government on Saturday moved to seize the agenda on the unfolding crisis sparked by the Iran war, unveiling the new powers after criticism of its leadership and ahead of a meeting with state premiers when national cabinet is convened on Monday.

It will amend the Export Finance and Insurance Corporation Act to underwrite purchases by private companies. The government will not pay upfront for fuel, but public funds will be put up as insurance for importers that are having to buy fuel at the current sky-high prices.

The scheme is designed to send a signal to importers to buy up whatever supply they can and bring it to Australia, without worrying about suffering a loss.

Announcing the new laws, Prime Minister Anthony Albanese said that, while Australia’s fuel supply would remain stable over coming weeks, the country needed to be as prepared as possible.

“The longer this war goes on, the more the impacts will be,” he said.

“I want us to have the strongest possible plans so we’re ready for what may come. I want to keep our people, our economy and our nation moving.”

Oil prices have skyrocketed since the war began on February 28, as 25 per cent of the global oil supply – which typically comes from the Middle East through the Strait of Hormuz – is cut off.

A barrel of oil now costs $US115, up 60 per cent, which has driven petrol and diesel prices in Australia to record highs.

Fuel companies are concerned that, if they buy now at eye-watering prices and then the war suddenly ends, in several weeks they would incur massive losses after the market cools and their shipments land in Australia.

Australia imports 90 per cent of its fuel and nearly all of it comes from Asian refineries. The last seaborne shipments that left the Middle East before the war are now rolling into refineries, which may exhaust their stocks within a month.

Energy Minister Chris Bowen said on Saturday that fuel supply remained secure and in fact had increased slightly on typical levels. While six out of 81 fuel import shipments due by May were cancelled in recent weeks, the government and industry have secured three additional deliveries.

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A statement released by the government said its agency Export Finance Australia, which offers loans to businesses, would manage the new scheme. It will enter into contracts of insurance or indemnity, give guarantees, make loans and enter arrangements needed to help secure fuel supply.

The support will be available to companies bringing in additional shipments, over and above typical rates of importation, as well as “cost-prohibitive” shipments that private buyers would otherwise not be able to purchase.

Support will also be available for shipments of fertiliser, which is crucial for farming, as well as other “vital strategic reserves as needed”. Supplies of goods made with petrochemicals in the Middle East are also cut off from the global market, including plastics and pharmaceuticals.

State premiers have been calling for a federal-led response, after Albanese last week said fuel rationing policies were “not a question for me”.

Monday’s national cabinet meeting is expected to consider potential measures to reduce demand for fuel, such as encouraging Australians to carpool or work from home.

The NRMA on Saturday welcomed the government’s move, which it said was required to deal with the extraordinary risks to fuel supply.

Spokesman Peter Khoury said that, while the government’s scheme would help companies import expensive fuel, the cost of petrol and diesel was secondary to ensuring there was sufficient supply to keep the economy moving.

“These are extraordinary circumstances that we live in, and they require extra measures from the government to ensure that Australia can keep moving,” he said.

“There’s nothing we can do about price, unfortunately, but we certainly can take steps to safeguard supply, which is what we need to do. Whatever cost comes with this policy is irrelevant.”

Fuel importers also welcomed the scheme, with Australian Institute of Petroleum chief executive Malcolm Roberts saying it would encourage importers to buy up fuel supply now, despite soaring costs.

“It’s helping companies that are facing significant commercial risks to go out and hunt for some additional supply for Australia. It’s really an insurance policy where the government and industry share some of the risks,” he said.

https://www.theage.com.au/politics/federal/ready-for-what-may-come-australia-to-scour-the-globe-for-extra-fuel-20260328-p5zjhj.html

https://www.youtube.com/watch?v=HAUPj9qNlAY

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PM announces new powers to boost fuel supply amid Middle East tensions

Samantha Dick and Shari Hams - 28 March 2026

The Albanese government will use public money to underwrite the delivery of extra fuel in a bid to shore up supply during the Middle East conflict.

Hundreds of service stations across Australia are experiencing shortages of either unleaded petrol or diesel, particularly in New South Wales and Queensland.

Prime Minister Anthony Albanese has announced the government will take further measures to boost supply by underwriting the purchase of additional fuel from the international market.

Under the plan, petrol giants will still buy fuel, but the government will take on the financial risk of shipments that might otherwise be too expensive.

"This support from the government will not be business as usual," Mr Albanese said.

"It has to be additional supplies that are available on the international market and it literally will be underwriting the purchase of shiploads of fuel to get here to Australia.

"It will give suppliers the confidence to secure additional and discretionary cargoes and can be used to service uncontracted demand, including for regional and independent fuel suppliers."

Requires legislation to be implemented

Labor will introduce legislation to parliament on Monday, seeking to amend the Export Finance and Insurance Corporation Act to grant new fuel security powers to acquire additional supply.

Tony Wood, a senior fellow in energy and climate change at the Grattan Institute, backed the move during an interview on ABC's Weekend Breakfast.

Mr Wood said he did not know how much the measures would cost taxpayers.

"How long it goes on will dictate absolutely how much money it entails," he said.

"That has some implications for the upcoming budget as well."

He said the action made sense and provided an "insurance against high costs that the companies themselves are finding hard to deal [with]" .

Panic buyers told to stop

The government has repeatedly insisted Australia's fuel shortages are being caused by panic buying — not supply constraints.

Footage circulating on social media shows people filling up multiple jerry cans with fuel at service stations.

"This isn't toilet paper that's being piled up in some garages," Mr Albanese said.

"It's actually fuel, and that's not sensible on a range of levels."

Energy Minister Chris Bowen said Australia had more than a month's worth of fuel in reserve, including petrol and jet fuel.

While the government is taking further steps to target supply, the opposition has been focused on the cost.

Opposition signals cautious support for bill

The Opposition appears open to back the fuel support legislation.

Shadow Energy Minister Dan Tehan said the party will examine the bill to ensure its powers remain proportionate.

"The Coalition believes in freedom of navigation and the free market," Mr Tehan said.

"But as these are extraordinary times, extraordinary powers, such as supporting the costs and insurance of commercial shipping, should be considered as a short-term measure."

Opposition Leader Angus Taylor today repeated his call for the government to halve the fuel excise — a 53 per cent flat tax per litre applied at the petrol pump.

"Our proposal will reduce the price of fuel by 26 cents a litre," he said.

"We are in a fuel-affordability crisis right now. They [customers] are coming to the bowser and they are shocked at what they are seeing."

Mr Albanese did not rule out cutting the fuel excise, but said his focus is on shoring up supply.

https://www.abc.net.au/news/2026-03-28/government-backs-delivery-of-extra-fuel-cargoes/106506536

https://www.youtube.com/watch?v=PNBHISbVL1Q

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Andrew Hastie says Iran war a 'huge miscalculation' by Donald Trump

Holly Tregenza - 29 March 2026

Coalition frontbencher Andrew Hastie has warned the credibility of the United States is being damaged and says Australians may be losing faith in the alliance as the war in Iran enters its second month.

The Shadow Minister for Industry and Sovereign Capability said the war in Iran was a "huge miscalculation", and criticised US President Donald Trump's failure to consult its allies including Australia, noting many are dependent on the export of fuel in and out of the Middle East.

"Iran has been able to pretty much hold the whole world economy to ransom," he told Insiders.

"The economic pain is going to be more acute, and [the Australian public] are going to question the judgement of the president.

"Had we had a bit more lead time, we would not be in the current crisis we are now."

Mr Hastie said as a "close friend" of the United States, Australia had a right to "be honest" and ask "hard questions".

Earlier this week, Mr Hastie said Iran had Australia "by the balls" in the Strait of Hormuz.

He described Mr Trump's criticism of Australia's refusal to heed calls to send war ships to the strait as "petulant".

Changing world order opens door to tax changes

Mr Hastie said the American president was testing the boundaries of the world order and would not rule out supporting a new tax on gas exports to shield Australians from the economic fallout.

"It's not just Iran, China and Russia testing this world order. Donald Trump and his team have said it's dead, and we need to take that seriously," he said.

The government has sought modelling from Treasury for new levy options on gas exporters profiting from the global energy crisis.

Unions, the Greens, crossbenchers and One Nation are among those who want gas profits levied, with pressure mounting on Labor to respond to growing calls to reform the current tax system.

Some members of the Coalition have joined the gas industry to argue the current energy crisis is the worst time to act.

But Mr Hastie signalled he may be open to the levy, and said the Iran war had changed Australia's position.

“I think multinationals and big business in this country have lost their social licence, they’ve made no effort to recover it," he said.

"Before February 28, we were in a different situation to what we are now. This is a new era. The world order has collapsed."

He said the "whole system" needed an overhaul, but cautioned reform would need to be made in the context of a potential recession.

"We're about to potentially slide into a recession, and one of the things we have going for us is our abundance of gas.

"Is introducing a new tax right at this time going to help our situation?"

Expected push against work from home

On Saturday, the government announced it would underwrite the delivery of additional cargoes of fuel to Australia to ease supply shortages.

Prime Minister Anthony Albanese said the government was in discussions with suppliers to source additional fuel on the international market.

State and territory leaders will meet on Sunday afternoon ahead of Monday's meeting of national cabinet.

They are expected to push against the possibility of a COVID-style mandate to work from home, and focus on working in unison on any future steps like fuel rationing.

Last week, Mr Albanese said it would "make sense" for people to work from home if they could do so.

But Employment Minister Amanda Rishworth said the supply pinch was not at the point where work from home measures were being considered.

"We are not at the stage yet where we are suggesting people should work from home because of the fuel shortages," she said.

https://www.abc.net.au/news/2026-03-29/australians-may-be-losing-faith-in-us-alliance-hastie-says/106508216

https://www.youtube.com/watch?v=Z1BdOfsRLbw