Fuel security plan touted as national cabinet meets
The prime minister will meet state and territory leaders at a national cabinet meeting on the fuel crisis, as additional supply measures for drivers are planned to be announced.
Anthony Albanese will hold a virtual meeting with premiers and chief ministers on Wednesday as jurisdictions continue to navigate the effects of war in the Middle East.
Finance Minister Jim Chalmers said the meeting would also finalize fuel safety measures that will be outlined in the federal budget on Tuesday.
“It’s all about making sure there is more fuel for drivers and industry, and more broadly fuel security for our economy,” he told ABC Radio.
“There’s a big emphasis on getting more fuel, making our supply chains more resilient and funding these fuel tax cuts that are also in the budget.”
A temporary cut in fuel duty has already been announced, reducing it by 26 cents per liter.
This $2.5 billion measure is expected to expire at the end of June, but the treasurer has not confirmed whether the excise tax cut will continue after that point.
Mr Albanese said national cabinet meetings would be held regularly throughout the fuel crisis to address concerns.
The national cabinet meets fortnightly to discuss the approach to fuel supply.
Mr Albanese said drivers should not assume fuel safety levels would be increased just because there was a national cabinet meeting in April and that any changes on that front would be telegraphed.
Latest figures show Australia has a 43-day supply of petrol, a 33-day supply of diesel and a 28-day supply of jet fuel.
Australia has greater fuel supplies than it did at the beginning of the war in Iran, which led to the closure of the Strait of Hormuz.
This comes after US Secretary of State Marco Rubio said American military operations against Iran are over.
Mr. Rubio said the focus now is on reopening the Strait of Hormuz, through which 20 percent of the world’s oil supply passes.
Australia’s Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national news channel and has been providing accurate, reliable and fast-paced news content to the media industry, government and corporate sector for 85 years. We inform Australia.
