Chris Bowen says petrol reserves won’t ease shortages straight away

Energy minister Chris Bowen says it will take “some time” for the petrol and diesel released from Australia’s domestic stockpile to reach areas hit by shortages. On Friday, the Albanese government directed fuel companies to release nearly a fifth of reserve petrol and diesel supplies after dozens of service stations ran out as retailers struggled with customers panic-buying in response to skyrocketing prices from the Middle East conflict.

In an interview with ABC’s 7.30 last night, Bowen said companies had ensured the government the released supply would reach regional areas: "There will be some time for it to flow through. There’s a very complicated supply chain. But it is going to have an impact.

Some companies have said it will start to have an impact in coming days, to some degree. But there will be some time before it’s all released." The economy and cost of living will be one of the big stories today with the Reserve Bank expected to raise interest rates when it announces the outcome of its monetary policy meeting at 2.30pm.

Australia

chris bowen, petrol reserves, diesel supplies, fuel shortages, domestic stockpile, albanese government, panic-buying, supply chain, middle east, reserve bank