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Asian trading partners have reassured Australia that the \u201cnormal supply\u201d of fuel will continue amid the Middle East conflict, as the government prepares to intensify efforts to avert shortages of petrol and diesel.<\/p>\n
The federal government has been chasing supply guarantees from countries including Singapore, South Korea, Malaysia and Japan as the Iran<\/a> war and closure of the strait of Hormuz wreaks havoc on the global oil market.<\/p>\n Australia imports about 90% of its refined fuel, much of which is sourced from Asian refineries, meaning it is highly vulnerable if other countries take emergency steps to prioritise stocks for domestic use.<\/p>\n Speaking to Sky News on Sunday, the assistant foreign minister, Matt Thistlethwaite, said government ministers from Japan and South Korea provided assurances that \u201cnormal supply\u201d will continue during meetings in the past week.<\/p>\n The prime minister, Anthony Albanese, has already signed a joint statement on two-way energy trade with Singapore, which supplies about 55% of Australia\u2019s petrol <\/a>imports and 15% of diesel.<\/p>\n The Nightly <\/a>last week reported that preparations were underway for the prime minister to travel to Singapore after the Easter break to help shore up Australia\u2019s fuel supplies.<\/p>\n The prime minister\u2019s office would not confirm if a trip was planned but sources said Albanese\u2019s attention over the coming period, including travel plans, would be focused on fuel security.<\/p>\n The energy minister, Chris Bowen, said refined fuel was now being sourced from countries including the US and Mexico as petrol and diesel suppliers diversify their supply chains.<\/p>\n A host of Asian nations are major buyers of Australian liquefied natural gas, which the government has been using as leverage in talks over fuel supplies.<\/p>\n The delicate negotiations could cause the government to put off introducing a new windfall profit tax on gas companies, which the treasury was asked to model ahead of the 12 May budget.<\/p>\n Japan and South Korea, in particular, have consistently opposed policies that they claim could disrupt LNG exports \u2013 including new taxes.<\/p>\n The Japanese prime minister, Sanae Takaichi, is planning to travel to Australia in coming weeks to discuss rare earths and efforts to re-open the strait of Hormuz, Nikkei Asia reported on Saturday.<\/p>\n Asked about a gas profits tax at the National Press Club last Thursday, Albanese signalled the government\u2019s priority was consolidating its reputation as a reliable gas exporter to help strengthen its case to continue receiving fuel supplies.<\/p>\n \u201cThat\u2019s the quid pro quo, if you like. And I think that is very important as we go forward. So, to be clear, our first priority is supply. Supply depends upon those relationships being adhered to,\u201d the prime minister said.<\/p>\n