Australia announced a major release of 762 million liters of emergency fuel reserves to ease the energy crisis after many people rushed to fill and hoard fuel, causing shortages at some stations amid rising global oil prices.
The Australian government announced the release of 762 million liters of emergency fuel reserves into the market following a nationwide surge in public fuel filling and hoarding, which has driven prices sharply higher over recent weeks.
This decision was officially approved last night (local time). The government stated that the reserve fuel, consisting of gasoline and diesel, will begin to be gradually supplied to consumers starting today. It is expected to help alleviate price pressures following the rapid rise in domestic fuel costs.
Data from the Australian Competition and Consumer Commission shows fuel prices in five major Australian cities increased by nearly 50 cents per liter between 20 February and 11 March, with the average daily price around 2.20 Australian dollars per liter, roughly 1.55 US dollars.
This situation reflects a global trend where many countries face soaring energy prices due to geopolitical tensions.
In New South Wales, the country's most populous state, officials revealed that 32 out of over 3,000 fuel stations have low fuel supplies or are completely out of stock.
Meanwhile, reports indicate long queues at fuel stations as many people rush to fill and hoard fuel, despite government appeals to purchase only what is necessary.
Australian Energy Minister Chris Bowen said that domestic fuel demand has nearly doubled following a recent attack on Iran.
He told local media, "We ask people to fill up only as much as needed—not too little nor too much—because we are now seeing fuel demand double since the attack on Iran."
The Australian government hopes this release of fuel reserves will help ease price pressures and calm public panic amid continuing volatility in the global energy market.
. BBC
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