Fuel reserves: Albanese Government convenes urgent fuel roundtable as Middle East war escalates

The Albanese Government will convene an urgent roundtable in Canberra amid concerns over the impact the US-Israel-Iran war has had on fuel reserves.

Energy Minister Chris Bowen on Tuesday sought to assure the public that Australia’s fuel reserves remain at pre-war levels despite rising prices at the pump caused by the conflict in the Middle East.

Global oil prices saw a dramatic reversal overnight, plunging from a peak of $US120 to $US90 per barrel as market volatility continues.

The sharp decline has sparked immediate calls from consumer advocacy groups and motorists for Australian service stations to pass these savings on to the bowser.

Speaking alongside the Prime Minister in Canberra on Tuesday, Mr Bowen said he, with Minister for Agriculture Julie Collins and Industry Minister Tim Ayres, would meet with peak bodies representing affected industries.

It includes the National Farmers’ Federation, oil companies, peak industry groups, and trucking associations.

The Labor frontbencher insisted that “everything that can be done is being done” regarding supply chain requirements and constructive attention to distribution.

“The key message is that while they are challenges … the preparations the government have put in place for the minimum stock obligation are working,” Mr Bowen told reporters in Canberra.

“If it is necessary to access those minimum supplies we will … our stocks are as high as they were before this crisis began.”

Mr Bowen has claimed that Australia’s current reserves are at their highest levels in 15 years, however, while high for Australia - levels remain well below the 90-day requirement set by the International Energy Agency for member nations.

Mr Bowen urged people not to panic buy fuel amid fears of shortages with some areas reporting “tightness” because people are stockpiling diesel.

He said Australia’s diesel situation is currently a “demand issue,” not a “supply issue”.

“We have enough diesel in Australia for our needs for the foreseeable future, and there is absolutely no need for panic,” he said.

“It’s important that Government and industry are working together.

“Minister Collins and I will be talking those issues through with the industry and with the National Farmers Federation today.

“If the issue in the Middle East continues, of course, of course, we’ll continue to monitor the situation carefully.

“We have powers under the minimum stock obligation, which I won’t hesitate to use if necessary, if it helps the situation. Are there a range of other acts which are there in case of an emergency.”

“We are not there yet.”