Australia “Well Placed to Weather Storm” as Fuel Stocks Rise Amid Global Crisis

News aggregator article based on a Media Release /Transcript issued by the Minister for Energy Chris Bowen/Checked in the Newsroom

Posted Saturday 02 May,2026

CANBERRA – Energy Minister Chris Bowen has declared Australia “very well placed” to withstand ongoing international supply chain volatility, revealing that fuel imports surged during April despite a deepening conflict in the Middle East.

In his weekly fuel supply update on Sunday, Minister Bowen provided a transparent look at the nation’s reserves, aiming to bolster public confidence as the war in the Middle East continues to threaten global trade routes.

Fuel Stocks and Shipments

According to the Minister, Australia received 92 shiploads of fuel in April, a significant increase from 77 in March and 81 in January. He noted that the country currently holds more fuel than it did when the international crisis began.

Current National Reserves:

• Petrol: 43 days (Up 7 days since February 28)

• Diesel: 33 days (Steady)

• Jet Fuel: 28 days

“Australians can take confidence in the fact that fuel has continued to arrive,” Mr. Bowen said. He confirmed that 56 ships are currently en route to major ports, including Sydney, North Queensland, and Kwinana.

Over the next four weeks, Australia has contracted 4 billion litres of fuel for delivery, including 2 billion litres of diesel and over 500 million litres each of petrol and jet fuel.

Support for Industry Amid Price Pressures

The Minister faced questions regarding the pressure on small businesses, specifically owner-operator truck drivers struggling with high costs. While some industry players have called for emergency relief packages over interest-free loans, Mr. Bowen pointed to existing government interventions.

“That’s why we acted to take the heavy vehicle road user charge down to zero, and to cut the excise in half… That was the most important thing we could do,” Bowen stated.

He added that the government remains open to further actions to support businesses but encouraged owners to engage with the grants currently available through the National Reconstruction Fund.

Middle East Tensions and Strategic Resilience

The update comes as hopes for a diplomatic resolution in the Straits of Hormuz remain dim. Addressing comments regarding the lack of an agreement with Iran, Bowen reiterated the government’s call for an end to the conflict to allow the world economy to return to “normal arrangements.”

“Even if the Straits of Hormuz opened tonight, there would still be impacts on supply chains,” Bowen cautioned. He used the opportunity to defend the Albanese Government’s long-term energy strategy, specifically the decision to mandate fuel storage within Australia rather than overseas.

Budget Speculation and Domestic Challenges

With the Federal Budget due in just over a week, the Minister declined to comment on rumors of potential tax changes for trusts. He stated the Cabinet has been focused on a budget that “strengthens Australian households” and “tackles serious issues in the tax system.”

On the domestic front, the Minister also addressed concerns regarding a mice plague in Western Australia. While acknowledging the difficulty for farmers, he dismissed concerns that the plague would break the “fertiliser-for-food” exchange established between Prime Minister Albanese and Indonesian President Prabowo.

“Australia has been pretty well placed,” Bowen concluded. “The world has thrown a lot at us… but Government working with industry has seen us come through that resilient and strong.”