SYDNEY, March 28 (Reuters) – Australia will amend its export-finance laws in an effort to bolster fuel security as the Iran war continues to affect the nation’s supply chain, Prime Minister Anthony Albanese said on Saturday.
Australia, which imports about 90% of its fuel, has experienced localised shortages in the month since the U.S. and Israel began their attacks on Iran, a widening conflict that has disrupted global fuel supply.
“Today, I announce that Australia will establish new powers to get fuel here for Australians,” Albanese said in televised remarks. “New fuel security powers will enable the government to underwrite the purchase of fuel by the private sector.”
The powers will enable the country’s export-finance agency to underwrite buying of fuel shipments, adding to local supply, Albanese said.
He said his centre-left Labor government would introduce amendments on Monday to export-finance and insurance-corporation laws in parliament.
Australia has 39 days’ worth of petrol and 30 days of diesel and jet fuel, Energy Minister Chris Bowen said in televised remarks on Saturday.
The government said this week that supply remained strong despite the cancellation of six fuel shipments from Asia and several hundred Australian fuel stations running out of either gasoline or diesel.
(Reporting by Sam McKeith in Sydney; Editing by William Mallard)
