The Australian Government will work with partners to ensure that Russian fuel does not flow into the country, Energy Minister Chris Bowen told reporters on 10 October, hours after the US announced a diesel deal with Russia.
“We don’t need or want Russian fuel in Australia,” Bowen said. “We’ll continue to have the very, very firm view that Russia should not be rewarded for their illegal and immoral invasion of Ukraine by any [Iran war-related] arrangements,” Bowen added.
Australia will work to secure crude oil and refined fuels from partners across Southeast Asia, India, and Saudi Arabia, according to Bowen.
Indian refiners accounted for 10% of Australia’s refined oil imports in 2024, while Australian producers accounted for 35% of India’s coal imports over the same period, data from the Observatory of Economic Complexity (OEC) show.
In late September, Bowen met Indian Renewable Energy Minister Pralhad Joshi, Saudi Arabian Prince Abdulaziz bin Salman Al Saud, and Indian refiner Reliance to discuss fuel supply and security challenges.
Reliance has agreed to maintain contact with the Australian Government to discuss fuel issues, Bowen told reporters on 10 October. “It’s very important that we … [have a] relationship with those large fuel refiners like Reliance,” Bowen said. “India is not a big oil producer, but [it is] a big fuel refiner,” Bowen added.
Australian fuel stock levels have been relatively stable in recent months. The country has 43 days’ worth of petrol reserves, 31 days’ worth of diesel reserves, and 30 days’ worth of jet fuel reserves, in line with previous months.
But Australian fuel prices have increased since the start of the US-Israeli war in Iran, largely because of global crude oil price hikes. Retail petrol and diesel prices averaged A$2.39/litre and A$2.81/litre, respectively, across Australia’s five largest cities on 7 October, up from A$1.71/litre and A$1.77/litre on 20 February, data from the Australian Competition & Consumer Commission show.
Brent crude futures prices last traded at $104.43/barrel (A$149.91/barrel) on 9 September, up from $71.76/barrel on 20 February, data from Trading Economics show.
By Avinash Govind