SYDNEY — Australian Prime Minister Anthony Albanese warned Wednesday that the economic impact of the Middle East war will be felt for months, as fuel prices surge and supplies tighten.
In a rare nationwide address broadcast across major networks, Albanese urged citizens to limit fuel use and rely on public transport where possible.
He said the conflict has triggered the largest spike in petrol and diesel prices in Australia’s history, driven by disruptions linked to the Strait of Hormuz.
Australia imports about 90 percent of its fuel and has experienced localized shortages as supply chains are affected.
Albanese called on the public not to stockpile fuel and to use only what is needed, particularly during the upcoming Easter travel period.
He said the government is taking steps to ease the pressure, including cutting fuel excise and removing heavy road-user charges for three months.
Authorities have also released fuel from domestic reserves and relaxed fuel standards to boost supply.
Despite holding its highest fuel stocks in 15 years, Australia remains below the International Energy Agency’s recommended 90-day reserve level.
Treasurer Jim Chalmers said small businesses affected by the crisis will be given easier access to credit.
Officials said the measures aim to help households and businesses navigate the economic fallout as global energy markets remain under pressure.
Source: Saudi Gazette