Australian Prime Minister: Australia will amend laws related to export financing to enhance fuel security.

MaticHoleFiller · 2026-03-29T01:51:09+00:00

Australian Prime Minister Albanese announced plans to revise export financing laws to address the impact on fuel supply chains caused by the Iran conflict. The new authority aims to ensure fuel supply and allows the government to guarantee private sector fuel procurement. Currently, Australia's fuel reserves are tight, and shortages have occurred in some areas. The government will submit the relevant legislation to Parliament.

MaticHoleFiller

2026-03-29 01:51:09

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Australian Prime Minister Anthony Albanese stated on Saturday that due to the ongoing conflict in Iran affecting the country’s supply chains, Australia will amend its export financing laws to strengthen fuel security.

About 90% of Australia’s fuel is reliant on imports. In the month following the U.S. and Israel’s strikes against Iran, global fuel supplies have been disrupted due to the expanding conflict, leading to fuel shortages in some regions of Australia.

“Today, I announce that Australia will establish new powers to ensure fuel supply for the Australian people,” Albanese said in a televised address. “The new fuel security powers will allow the government to provide guarantees for the private sector’s fuel procurement.”

Albanese stated that these powers will enable Australia’s export financing agency to provide guarantees for fuel shipping procurement, thereby increasing domestic fuel supply.

He noted that the left-wing Labor government will submit a bill to parliament on Monday to amend the laws related to export financing and insurance agencies.

Australian Energy Minister Chris Bowen stated in a televised address on Saturday that the country’s existing gasoline reserves are only sufficient for 39 days, while diesel and aviation fuel reserves can last for 30 days.

The Australian government stated this week that despite six fuel tankers from Asia canceling their stops and hundreds of gas stations experiencing shortages of gasoline or diesel, the overall fuel supply remains stable.

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