Australia says fuel supply levels stable, PM urges residents to avoid panic buying [CNBC]
BP p.l.c. (BP)
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Source: CNBC
Bloomberg | Bloomberg | Getty Images Prime Minister Anthony Albanese on Thursday urged Australians to avoid panic buying of petrol and diesel, which he said had led to shortages in some rural regions, and stressed the nation's fuel supply levels remained stable. Australia is dependent on imports for about 90% of its fuel needs, and fear of supply disruptions due to the escalating war in the Middle East has led to a doubling of fuel demand in some regions resulting in localized shortages. Albanese said the federal government had already taken steps to ensure an uninterrupted supply of fuel into the country. “Our fuel supply is currently secure. However, I want us to be over-prepared,” Albanese told reporters. “My message to Australians is please do not take more fuel than you need. That is how you can help. That's the Australian way,” he said, following a meeting with state and territory leaders. Conflict in the Middle East intensified on Wednesday, driving oil prices high
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