Australia’s fuel supplies have strengthened since the onset of the global energy shock, Prime Minister Anthony Albanese says, while also confirming a major new jet fuel supply deal with China.
Speaking alongside Energy Minister Chris Bowen in Canberra on Monday, Albanese said Australia currently holds 43 days of petrol, 38 days of diesel, and 31 days of jet fuel, all higher than levels recorded on February 28, when the crisis began.
Albanese also revealed that Australia had secured a new supply of 660,000 barrels of jet fuel from China, despite export restrictions imposed by Beijing.
Foreign Minister Penny Wong met with her Chinese counterpart last month.
Albanese confirmed that the government had struck a deal with Chinese Premier Li Qiang, to shore up jet fuel.
'After discussions between myself and Premier Li, and confirmation following Foreign Minister Wong's visit to China, we have secured some 660,000 barrels of jet fuel for Australia,' he said.
'All of that is good news for Australia.'
The agreement comes alongside broader efforts by the government and industry to stabilise supply chains amid ongoing global disruption.
Anthony Albanese (pictured) revealed that Australia's fuel supplies were above pre-war levels
Despite the improved outlook, Albanese warned the situation remained volatile, particularly due to disruptions affecting global shipping routes.
'We know this is volatile and uncertain times,' he said.
'When the conflict ends, that doesn't mean that the economic tail concludes.'
More to come...