Australian PM Albanese Advances Singapore Trip Amid Fuel Supply Concerns from Middle East Conflict

Australian Prime Minister Anthony Albanese will travel to Singapore this week to address fuel supply issues. Singapore supplies 26% of Australia's refined fuel imports, 55% of petrol imports, 22% of jet fuel, and 15% of diesel imports. The trip, advanced from its original schedule, aims to strengthen energy supply chain resilience amid the ongoing Middle East conflict.

Fuel prices in Australia have stabilized after initial declines. Wholesale unleaded prices stopped falling on Tuesday after a 40-cent-per-litre drop since March 26, partly due to a 32-cent fuel excise cut by the federal government. Retail prices in capital cities decreased by about 33 cents per litre since late March, though further reductions are unlikely without retailer margin sacrifices.

Diesel prices have risen, with terminal prices 10 cents per litre higher following a brief decline after excise cuts. As of Tuesday, 3% of petrol stations nationwide, or 241 outlets, reported diesel shortages, including 125 in New South Wales, 40 in Victoria, 34 in Queensland, and 20 in Western Australia.

The government had anticipated potential demand spikes during the Easter holiday but noted minimal disruptions after public appeals for conservation.

addressed the nation on Wednesday night, thanking Australians for conserving fuel during the Easter long weekend and reporting few cancellations.

Energy Minister Chris Bowen stated that fuel stock levels remain static, with 39 days of petrol, 30 days of jet fuel, and 29 days of diesel in reserves. Contracts with fuel companies extend into May, and the government is using new powers to underwrite shipments, with further announcements expected.

In a joint statement last month with Singaporean Prime Minister Lawrence Wong, Australia and Singapore committed to maintaining fuel flows and enhancing supply chain resilience.