To address a sharp decline in fuel supply, the Australian government is planning to temporarily amend fuel standards, allowing the use of lower-quality fuel for domestic use.
The decision comes amid the International Energy Agency’s (IEA) call to release 400 million barrels of oil without tapping into the country’s limited stockpiles, reflecting growing concerns that disruptions in the Strait of Hormuz could trigger a sharp surge in oil prices.
While Prime Minister Anthony Albanese did not provide assurances regarding Australia’s fuel supply amid the ongoing Middle East situation, Energy Minister Chris Bowen stated that the amended regulations will permit the supply of fuel with higher sulphur levels for the next 60 days, providing over 100 liters of fuel for domestic use or blending.
(File Photo: Australia’s energy minister, Chris Bowen)
