Overview
- Prime Minister Anthony Albanese and Energy Minister Chris Bowen said Saturday that on‑hand supplies now exceed February 28 levels and are the highest since 2023, with 44 days of petrol, 36 of diesel, and 35 of jet fuel, totaling about 6.2 billion litres.
- Petrol prices have almost returned to pre‑war levels after the April 1 excise was halved by 26.3 cents per litre, though diesel remains about 50 cents per litre higher than on February 28.
- Australia remains at level two of its national fuel plan, which asks people to buy only what they need and to voluntarily use less fuel.
- To bolster supply, the government reported securing extra spot‑market diesel cargoes and funded a $7.5 billion facility plus a $3.2 billion reserve to build onshore stocks toward about 50 days for diesel and aviation fuel.
- The opposition is pushing for a legislated 90‑day minimum stock‑holding rule and more local oil and gas production as the government weighs whether to extend the tax cut past June 30.